Receipt voucher in case of advance collection Sec 31(3)(d) & 31(3)(e) - GST Ready Reckoner - GST

Receipt voucher in case of advance collection Issuance of Receipt Voucher on receipt of advance payment [Sec. 31(3)(d) (e) of the CGST act, read with rule 50 51 of CGST rule] Issuance of Receipt Voucher/ Refund voucher on receipt of advance payment Whenever a registered person receives an advance payment with respect to any supply of goods or services or both, he has to issue a receipt voucher or any other document, containing such particulars as has been prescribed in the Invoice Rules, evidencing receipt of such payment. Where any such receipt voucher is issued, but subsequently no supply is made and no tax invoice issued, the registered person who has received the advance payment can issue a refund voucher against such payment. A receipt voucher needs to contain the following particulars( as per rule 50 of CGST Rules ): Name, address and GSTIN of the supplier; A consecutive serial number 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; Sate of its issue; Name, address and GSTIN or UIN, if registered, of the recipient; Description of goods or services; Amount of advance taken; Rate of tax (central tax, State tax, integrated tax, Union territory tax or cess); Amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess); Place of supply along with the name of State and its code, in case of a supply in the course of inter-State trade or commerce; Whether the tax is payable on reverse charge basis; and signature or digital signature of the supplier or his authorized representative. It has also been provided in the Invoice Rules that if at the time of receipt of advance, i. the rate of tax is not determinable; the tax may be paid @18%; ii. the nature of supply is not determinable, the same shall be treated as inter-State supply.