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TMI BlogInvoice, Credit and Debit NoteX X X X Extracts X X X X X X X X Extracts X X X X ..... arlier. Q 46. When should a supplier of services issue a Tax Invoice? Ans . Where the supplier of services is an insurer or a banking company or a financial institution, including a non-banking financial company, or a telecom operator, the period within which the invoice or any document in lieu thereof is to be issued shall be 45 days from the date of supply of service. Further, if the supplier of services is an insurer or a banking company or a financial institution, including a non-banking financial company, or a telecom operator, or any other class of supplier of services as may be notified by the Government on the recommendations of the Council, making taxable supplies of services between distinct persons as specified in section 25 , it may issue the invoice before or at the time such supplier records the same in his books of account or before the expiry of the quarter during which the supply was made. In all other cases, invoice for supply of service should be issued within a period of 30 days from the date of supply of service. Q 47. What are the particulars to be mentioned on the invoices which are prescribed by the rules? Ans. The tax invoice should ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any other document in lieu thereof, by whatever name called, containing the gross weight of the consignment, name of the consignor and the consignee, registration number of goods carriage in which the goods are transported, details of goods transported, details of place of origin and destination, GSTIN of the person liable for paying tax whether as consignor, consignee or goods transport agency, and also containing other information as prescribed under rule 46 of CGST Rules . Where the supplier of taxable service is supplying passenger transportation service, a tax invoice shall include ticket in any form, by whatever name called, whether or not serially numbered, and whether or not containing the address of the recipient of service but containing other information as prescribed under rule 46 of CGST Rules . Q 49. Are there any special requirements for an invoice meant for export of goods and/or services? Ans. Yes. In case of exports of goods or services, the invoice shall carry an endorsement SUPPLY MEANT FOR EXPORT/SUPPLY TO SEZ UNIT OR SEZ DEVELOPER FOR AUTHORISED OPERATIONS ON PAYMENT OF INTEGRATED TAX or SUPPLY MEANT FOR EXPORT/SUPPLY TO SEZ UNIT OR SEZ DE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 or UIN, if registered, of the recipient; (e) HSN Code of goods or Accounting Code for services; (f) description of goods or services or both; (g) value of supply of goods or services or both taking into account discount or abatement, if any; and (h) signature or digital signature of the supplier or his authorized representative. Q 55. Can issue of a bill of supply be dispensed with in any circumstances ? Ans. Yes. A registered person may not issue a bill of supply if the value of the goods or services or both supplied is less than two hundred rupees subject to the condition that (a) the recipient is not a registered person; and (b) the recipient does not require such bill of supply, and he shall issue a consolidated bill of supply for such supplies at the close of each day in respect of all such supplies. Q 56. What is a receipt voucher? Ans. A receipt voucher is a document ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is liable to discharge GST on reverse charge basis) shall issue an invoice in respect of goods or services or both received by him from the supplier on the date of receipt of goods or services or both. Q 61. What is a payment voucher? When is to be issued? Ans. A payment voucher is a document evidencing payment of a certain sum of money to the supplier. Under GST, a registered person who is liable to pay tax under sub-section (3) or subsection (4) of section 9 (i.e. where the recipient is liable to discharge GST on reverse charge basis) shall issue a payment voucher at the time of making payment to the supplier. Q 62. When should an invoice be issued in case of continuous supply of goods? Ans. In case of continuous supply of goods, where successive statements of accounts or successive payments are involved, the invoice shall be issued before or at the time each such statement is issued or, as the case may be, each such payment is received. Q 63. When should an invoice be issue in case of continuous supply of services? Ans. In case of continuous supply of services, (a) where the due date of payment is ascertainable from the contract, the invoice shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... registered person who issues a credit note in relation to a supply of goods or services or both shall declare the details of such credit note in the return for the month during which such credit note has been issued but not later than September following the end of the financial year in which such supply was made, or the date of furnishing of the relevant annual return, whichever is earlier, and the tax liability shall be adjusted in the prescribed manner. Q 70. What is a debit note? Ans. A debit note is a document evidencing enhancement in value of a particular supply made earlier. Every debit note has to be linked to an invoice issued earlier. A debit note enables a recipient to take further Input Tax Credit in relation to the invoice issued earlier. Q 71. When can a supplier issue a debit note? Ans. (1) Where a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to be less than the taxable value or tax payable in respect of such supply, the registered person, who has supplied such goods or services or both, shall issue to the recipient a debit note containing such particulars as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial year; (c) date of its issue; (d) name, address and GSTIN of the recipient to whom the credit is distributed; (e) amount of the credit distributed; and (f) signature or digital signature of the Input Service Distributor or his authorized representative: Provided that where the Input Service Distributor is an office of a banking company or a financial institution, including a non-banking financial company, a tax invoice shall include any document in lieu thereof, by whatever name called, whether or not serially numbered but containing the information as prescribed above. Q 76. Can a registered person having the same PAN as that of ISD issue an invoice/debit/credit note to the ISD? If so what would be the contents of such an invoice Ans. Yes. (1). A registered person, having the same PAN and State code as an Input Service Distributor, may issue an invoice or, as the case may be, a credit or debit note to transfer the credit of common input services to the Input Service Distributor, which shall contain the following details:- i. name, address and Goods and Services Tax Identification Number of the registered person having the same PAN and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owing manner: (a) the original copy being marked as ORIGINAL FOR CONSIGNEE; (b) the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and (c) the triplicate copy being marked as TRIPLICATE FOR CONSIGNER. Q 80. When can an invoice cum bill of supply be issued? Ans. Notwithstanding anything contained in rule 46 or rule 49 or rule 54 , where a registered person is supplying taxable as well as exempted goods or services or both to an unregistered person, a single invoice-cum-bill of supply may be issued for all such supplies. Q 81. When should a person in charge of a conveyance be necessarily carrying a Tax Invoice or a bill of supply? Ans. The person-in-charge of the conveyance shall carry a copy of the tax invoice or the bill of supply issued in accordance with the provisions of rule 46 , 46A or 49 in a case where such person is not required to carry an e-way bill under CGST Rules . It may be noted that carrying a tax invoice is compulsory even where carrying e-way bill is necessary. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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