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TMI BlogGST - Tax invoice, Debit Note and credit NoteX X X X Extracts X X X X X X X X Extracts X X X X ..... GST - Tax invoice, Debit Note and credit Note - By: - CA Akash Phophalia - Goods and Services Tax - GST - Dated:- 12-7-2016 - - 1. Introduction Invoice is a document which provides evidence as to existence of transaction of sale or purchase of goods or the agreement of supply. GST act also gives immense importance to invoice and named it as tax invoice containing details provisions as state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d hereunder. 2. Meaning of tax invoice Tax Invoice shall be deemed to include a document issued by an Input Service Distributor and also include any supplementary or revised invoice issued by the supplier in respect of a supply made earlier. 3. Issue of tax invoice Supply of goods Every registered person is required to issue a tax invoice at the time of supply of taxable go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ods and the invoice shall contain following particulars:- Description of goods; Quantity of goods; Value of goods; Tax charged on Value of goods; and Such other particulars as may be prescribed. Supply of services Every registered taxable person is required to issue a tax invoice at the time of supply of taxable service and the said invoice shall contain all the fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing essential details as Description of Services; Value of Services; Tax charged on Value of Services; and Such other particulars as may be prescribed. 4. Revised Invoice If a Registered Taxable Person issued any invoice before issue of registration certificate then such registered person may issue a revised notice for the period starting from the effective ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date of registration and date of issuance of certificate of registration. 5. Composition levy A registered taxable person who opts for composition levy shall at the time of supply of goods or services not issue a tax invoice. Instead it had to issue a bill of supply containing the particulars as required. 6. Non-taxable supply A registered taxable person who supplies non-taxable g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oods or services shall instead of issuing a tax invoice had to issue a bill of supply containing the particulars as required. 7. Tax Indication in the Tax Invoice Where A Registered Dealer providing supply for a consideration and which is liable to tax, then tax on such supply shall necessarily be indicates in all documents relating to assessment, tax invoice and other documents. 8. Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edit Notes When a Credit note should be issued When a registered dealer issued a tax invoice for supply of goods or services and in such invoice the amount of tax charged and taxable value is more than the taxable value and tax payable, then the taxable person, who supplied the goods, may issue a credit note to the recipient containing such particulars as may be prescribed. Time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... limit for issuing Credit Note Thirtieth day of September following the end of the financial year in which such supply was made or date of filling of the relevant annual return; whichever is earlier: No credit note shall be issued by the said person if the incidence of tax and interest on such supply has been passed by him to any other person 9. Debit Note When a Debit Note ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... should be issued When a Registered Dealer issued tax invoice for supply of goods or services and in such invoice the amount of tax charged and taxable value is less than the taxable value and tax payable, then said taxable person, who supplied the goods, may issue a debit note to the recipient containing such particulars as may be prescribed. Time limit for issuing Credit Note Thir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tieth day of September following the end of the financial year in which such supply was made or date of filling of the relevant annual return; whichever is earlier: 10. Furnishing details of debit and credit note in return If any registered taxable person issues and receives a credit or debit note in relation to a supply of goods or services, he shall declare the details of credit and d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebit note in the return for the month during which the credit or debit note has been issued or received. Time limit for details given in the return Return for any month but not later than month of September following the end of the financial year in which such supply was made or the date of filing of the relevant annual return; whichever is earlier. The tax liability shall be adjuste ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the manner specified in GST Act. 11. Conclusion Thus, GST act in itself contains various provisions in relation to time of issue and content of invoices and also contains provisions where the invoice is under-valued or over-valued in addition to the manner and timing of furnishing of the related details. - - Scholarly articles for knowledge sharing authors experts professionals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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