Issue of invoice & Payment voucher in case of reverse charge [Section 31(3) (f) & (g) & rule 52 of CGST Act] - GST Ready Reckoner - GST

Issue of invoice Payment voucher in case of reverse charge [ Section 31(3)(f) (g) Rule 52 of CGST Rule ] Issue of Invoice in case of RCM:- A registered person who is liable to pay tax under section 9(3) (4) [within the period as may be prescribed (w.e.f. 01.11.2024 vide N.No. 17/2024 dated 27/09/2024) Inserted vide Finance (No. 2) Act, 2024 ] shall issue an invoice in respect of goods or services or both received by him from the supplier who is not registered on the date of receipt of goods or services or both. [Section 31(3)(f)] Supplier who is not registered shall include the supplier who is registered solely for the purpose of deduction of tax under section 51. [(w.e.f. 01.11.2024 vide N.No. 17/2024 dated 27/09/2024) Inserted vide Finance (No. 2) Act, 2024 ] [Explanation to Section 31(3)] Time limit for issuing tax invoice in cases where recipient is required to issue invoice under section 9(3) or (4) [ Rule 47A ] [ Inserted vide N.No. 20/2024 date 08.10.2024 w.e.f. 01.11.2024 ] Notwithstanding anything contained in rule 47, where an invoice referred to in rule 46 is required to be issued under section 31(3)(f) by a registered person, who is liable to pay tax under section 9(3) or (4) , he shall issue the said invoice within a period of thirty days from the date of receipt of the said supply of goods or services, or both, as the case may be. where an invoice is required to be issued under section 31(3)(g), a registered person may issue a consolidated invoice at the end of a month for supplies covered under section 9(4), the aggregate value of such supplies exceeds ₹ 5,000/- in a day from any or all the suppliers . [Second Proviso to Rule 46 of CGST rules] [ Omitted w.e.f. 01.11.2024 Vide N.No. 20/2024 dated 08.10.2024 ] Issue of Payment Voucher in case of RCM A registered person who is liable to pay tax under section 9(3) (4) shall issue a payment voucher at the time of making payment to the supplier. [Section 31(3)(g)] Content of Payment Voucher :- A payment voucher referred to in section 31(3)(g) read with Rule 52 shall contain the following particulars: (a) name, address and GSTIN of the supplier if registered; (b) a consecutive serial number not exceeding 16 characters, 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 (c) date of its issue; (d) name, address and GSTIN of the recipient; (e) description of goods or services; (f) amount paid; (g) rate of tax (central tax, State tax, integrated tax, Union territory tax or cess); (h) amount of tax payable in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess); (i) 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; and (j) signature or digital signature of the supplier or his authorized representative.