Jun 022017
 

As you are aware, GST is going to be introduced very shortly and it is imperative to know various aspects of the new enactment. One among the important aspects is Invoicing. Invoice is going to play a vital role in GST Input tax credit (ITC) Mechanism. Hence it is very important to know about the various aspects of Invoicing under GST.

What are the types of Invoices that can be issued by a registered person?

Two types of Invoices can be issued by a registered person. They are :-

1) Tax Invoice for goods/services supplied

2) Bill of supply

When should the Tax Invoice be issued ?

A registered person shall issue a Tax Invoice to persons who intend to claim Input Tax Credit of the GST being included in the invoice.

What should be the contents of the Tax Invoice?

A Tax Invoice being issued by a registered person shall contain the following particulars :-

(i) name, address and GSTIN of the supplier;

(ii) a consecutive serial number, in one or multiple series, containing alphabets or numerals        or special characters hyphen or dash and slash symbolised as “-” and “/” respectively, and     any combination thereof, unique for a financial year;

(iii) date of its issue;

(iv) name, address and GSTIN or UIN, if registered , of the recipient;

(v) HSN Code of goods or Accounting Code of services;

(vi) Description of goods or services

(vii) quantity in case of goods and unit or Unique Quantity Code there of

(viii) total value of supply of goods or services or both;

(ix) taxable value of supply of goods or services or both taking into account discount or                 abatement , if any;

(x) rate of tax (SGST,CGST,IGST,UTGST , as applicable)

(xi) place of supply along with the name of State, in case of a supply in the course of inter-          state trade or commerce.

(xii) address of delivery where the same is different from the place of supply;

(xiii) whether tax is payable on reverse charge basis; and

(xiv) signature or digital signature of the supplier or his authorised representative.

In case of exports of goods or services, the invoice shall carry an endorsement “SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST” or “SUPPLY MEANT FOR EXPORT UNDER BOND OR LETTER OF UNTERTAKING WITHOUT PAYMENT OF IGST”, as the case may be

What are the situations under which a registered person may not issue a tax invoice?

A Registered person may not issue a tax invoice subject to the following conditions, namely :-

(a) the recipient is not a registered person ; and

(b) the recipient does not require such invoice.

and shall issue a consolidated tax invoice for such supplies at the close of each day in respect of all such supplies.

What is the manner in which the Tax invoice should be issued ?

The tax invoice shall be prepared in Triplicate , in case of supply of goods , in the following manner :-

(a) the original copy being marked as ORIGINAL FOR RECIPIENT;

(b) the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; AND

(c) the triplicate copy being marked as TRIPLICATE FOR SUPPLIER.

In case of supply of services, the tax invoice shall be in the following manner :-

(a) the original copy being marked as ORIGINAL FOR RECIPIENT; AND

(b) THE duplicate copy being marked as DUPLICATE FOR SUPPLIER

Where should the Invoice details be submitted?

The serial number of invoices issued during a tax period shall be furnished electronically through the common portal in Form GSTR-1

What is the prescribed form for the Tax Invoice?

The invoice shall be in prescribed format in “Form INV-1”. The invoice format is provided below

Download (PDF, Unknown)

What is Bill of Supply?

Where the tax credit needs to be carried on , a tax invoice shall be issued. In other cases or where supplier is not allowed to charge (Composite dealers) tax from customers, a document called bill of supply shall be issued.

Can Invoice once issued and uploaded be corrected by filing a revised return?

No. In GST era, a return once filed cannot be revised. Hence sufficient care shall be taken before final submission of the invoices.

How can we correct the mistakes in the invoices already filed/uploaded?

We need to file a Debit/Credit Note as applicable in the subsequent tax period.

What is Debit Note & Credit Note?

Where a original tax invoice is issued and the taxable value in the invoice/tax falls short of the actual taxable value/tax,  a Debit note shall be issued by the supplier.

Where a original tax invoice is issued and the actual taxable value/tax  is lesser than the taxable value/tax in the invoice, a Credit note shall be issued by the supplier.

Debit/Credit Notes includes a supplementary invoice, which is issued subsequently for making corrections in the value of supply and/or taxes.

When should a receipt voucher be issued?

As per Section 28(3) , a receipt voucher shall be issued in case of advance receipt for supply of goods or services. At the time of raising the final tax invoice, tax paid at the time of issuance of Receipt voucher shall be adjusted against the same. Receipt voucher, not being a tax invoice, will not be considered as eligible document for availment of Input tax credit in the hands of receipient.

Click here to send your enquiries

Send your feedback/query/comments here

Send your feedback/query/comments here

Oct 242015
 

The empowered committee on GST has published its report on the proposed procedures for GST Returns.

The Salient Features of this report on GST Returns are as follows :-

  1. There will be 8 Forms under GST
  2. All assessees has to file the GST Returns (Including NIL Returns)
  3. The periodicity of Return filing is Monthly , Quarterly & Yearly according to the type of assessee (Regular/Compounding)
  4. Monthly 3 Returns to be filed. (viz.,) Outward Supplies, Inward Supplies and Consolidated return
  5. Automatic update of Purchase invoice details based on the selling dealer’s returns, which can be modified, added, deleted.
  6. The monthly return will be auto-populated based on the other returns filed. However, the tax payer can fill the missing details.
  7. Both Online & Offline mode of filing permitted.
  8. Periodic Upload (daily,weekly etc.,) of information relating to returns permitted.
  9. The return shall be prepared by the assessee himself or through TRP (Tax Return Preparer)
  10. There will be no revision of returns.
  11. The unreported/missing invoices will be taken in the month in which it is intended to be included.
  12. Annual Return shall be filed by all dealers
  13. A reconciliation Statement , duly certified by a Chartered Accountant will have to be filed by those taxpayers whose accounts are required to be audited under section 44AB of the Income-tax Act,1961. Currently, the limit is Rs. 1 Crore.

The copy of the GST Committee report on Returns is provided below. The comments on the same can be given in www.mygov.in portal :-

Download (PDF, Unknown)

Source :- www.mygov.in

 

 

Contact us @ 91-44-45540180 / 91-91505 75680. For Quick Response email :- sridharca@gmail.com

Subscribe to our email alerts and get updates on taxation,company law,VAT,RBI Guidelines, Service Tax, etc., instantly in your mail box..
LinkedIn Auto Publish Powered By : XYZScripts.com

Subscribe to our Email alerts for getting regular updates on Income-tax, Corporate Law, Tax Planning, VAT , Service Tax,Investments, RBI Guidelines, VAT Laws , etc.,

Enter your email address: Delivered by FeedBurner   
%d bloggers like this: