Invoice under GST. Abhay M Sharma & Co. 302/1 Ujjaval Complex, Nr. Akota Stadium, Akota, Vadodara

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1 Invoice under GST Abhay M Sharma & Co. 302/1 Ujjaval Complex, Nr. Akota Stadium, Akota, Vadodara For More information contact , The views contained in the above presentation does not amount to any professional opinion or advice and are not binding for taking any decision based on the presentation kindly seek professional advice. The views expressed in this presentation are of author s own and has no relation along with Abhay M Sharma & Co. and the same would not be liable under any circumstance. The sole purpose of this presentation is to start an academic discussion.

2 Time Limit to Issue Invoice Tax Invoice should be issued before the removal of the goods In case of service the invoice should be issued within a period of 30 days after the provision of service or before provision of service. Manner of Issuing Invoice In case of goods the invoice should be issued in triplicate. Original copy should be for Recipient, Duplicate copy should be for Transporter and Triplicate copy would be for supplier. In case of services the invoice should be issued in duplicate. Original copy for recipient and duplicate for supplier Exports of goods or services Whenever the goods are being exported they shall carry an endorsement Supply meant for export on payment of IGST or Supply meant for export under bond or letter of undertaking without payment of IGST as the case may be and shall along with the same mention the name and address of the recipient, address of delivery and name of the country of destination Minor Supplies In case of supply valuing below Rs.200/- and if the recipient is not registered person and recipient does not require such invoice then under such circumstances invoice may not be issued however the consolidated invoice at the end of every day may be issued in respect such supplies. 2

3 Revised Tax Invoice Invoices that are being issued from the date of registration till the date of issuing the registration such person from one month from the date of registration shall issue revised invoices. Bill of Supply When a person is supplying exempted goods or services or both or registered under composition levy shall issue a bill of supply. Receipt Voucher Receipt would be required to be issued when the advance would be taken up. Under a situation where the Receipt voucher is issued by the transaction does not materialise the same should be replace by refund voucher. Payment Voucher Where the tax is payable on reverse Charge basis supplies received from unregistered person there would be requirement to issue Payment voucher at the time of making payment. 3

4 Continuous Supply When there is continuous supply of goods is going on, the tax invoice is required to be issued when a running claim is being made or payment is received whichever is earlier. Goods sent on approval In case of goods sent on approval, the invoice is to be issued at the earlier of the end of 6 months from their removal or approval to accept supply is indicated to supplier. Mention of Tax on Invoice Every person who is liable to pay tax shall mention the amount of tax charged. Even under the case where the tax is charged on cum tax basis, it would be pertinent to mention the amount of tax that being charged on the goods. For e.g. Rs.1000/- cum IGST Rs.180/- Issue of Debit Note and Credit Note There is also provision for Issue of Debit note or Credit Note in case of the transactions where there is return of goods or services. Under the following circumstances credit note would be issued by the supplier: Value of supply is lower than that stated in the tax invoice issued previously 4

5 Tax charged in that invoice is higher than that correctly applicable on the supply Goods supplied are returned by the recipient Goods or service supplied are deficient Issue credit note and declare the details in the return of the month in which credit note is issued but not later than on or before 30 th day of September following the end of the FY in which the supply was made or date of filing of relevant annual return whichever is earlier. Under the following circumstances debit note would be issued by the supplier: Value of supply is higher than that stated in the tax invoice issued previously Tax charged in that invoice is lower than that correctly applicable to the supply Under the following circumstances Supplementary Tax Invoice, Debit Note shall be issued and details would be required and to be declared in the month in which debit note is issued. Transportation of goods without issue of invoice Only under the following situation the Goods can be removed without the issue of invoices under the following situations: Supply of liquid Gas where the quantity at the time of removal from the place of business of the supplier is not known, Transportation of goods for job work Transportation of goods for reasons other than by way of supply, Such other supplies as may be notified by the board. Mandatory documents to be sent along with the same 5

6 1. The consignor to issue a delivery challan 2. Serially number delivery challan to be issued in lieu of invoice at the time of removal of good for transportation. Particulars to be contained in the document 1. Date and number of the delivery challan 2. Name, address and GSTIN of the consigner, if registered 3. HSN Code and description of goods, 4. Quantity 5. Taxable value 6. Tax Rate and tax amount 7. Place of supply in case of inter-state movement 8. Signature 6