VIA -GSTCLINIC TAX INVOICE, DEBIT NOTE & CREDIT NOTE 1 - - PDF document
VIA -GSTCLINIC TAX INVOICE, DEBIT NOTE & CREDIT NOTE 1 PRESENTED BY CA SAKET BAGDIA 2 1 TIMEOFS UPPL Y T ime of S upply of Goods R equired to determine when S upply happened Based on that, Date of payment of G S T
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PRESENTED BY
CA SAKET BAGDIA
2
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T ime of S upply of Goods
equired to determine when S upply happened
S T will be determined.
ection 12… .Liability to pay tax on goods shall arise at the time of supply .
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T ime of S upply of Goods INC AS EOFS UP P L YOFVOUC HE R
DA TEOFIS S UEOFVOUC HE R DA TEOFR E DE MP TIONOFVOUC HE R IFS UPPL YISIDE NTIF IABL EA TPOINTOF IS S UE (VOUC HE RF ORS PE C IF ICUS EONL Y ) INANYO THE RC AS E
T ime of S upply of Goods INC AS E NO TP OS S IBLET ODE TE R MINETIMEOF S UP P L Y
P E R IODIC ALR E TUR N HAS TOBEF ILE D INANYOTHE RC AS E DA TEON WHIC H R E TUR N T OBE F IL E D DA TEON WHIC H C G S T /S G S TISP AID ( P A Y ABL E ???)
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T ime of S upply of Goods ADDITIONINTHEV AL UEOFS UP P L YF ORDE LA Y E D P A Y ME NTOFC ONS IDE R A TIONB YWA YOF
INTE R E S T LA TEF E E S P E NAL TY TIMEOFS UPPL Y DA TEON WHIC HS UPPL IE RR E C E IVE SS UC HADDITIONINV AL UE
T ime of S upply of S ervice
ection 13… .Liability to pay tax on S ervice shall arise at the time of supply .
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T ime of S upply of S ervice:
E AR LIE S Tof followingdates
NOR MALS UP P L Y
LAS TDA TEON WHIC HINVOIC E ISR E QUIR E DTO IS S UE D DA TEOFIS S UE OFINVOIC E DA TEON WHIC HS UPPL IE R R E C E IVE SP A Y ME NT E AR L IE S TOF
NTR YINBOOK S
R E DITINBANK
T ime of S upply of S ervice – E xplanation – 1
upply shall be deemed to be made to the extent it is covered by invoice or the payment… … Advance received against supply will becometaxable… … … Deposit???
– E xplanation 2
– E arlier of » Date on which payment isentered in booksof account » Date of credit in bank account
– Where supplier of taxable service receives an amount upto R
invoice, the time of supply to extent of such excess, at the option of supplier, bedateof issueof invoice.
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T imeof S upply of S ervice INC AS EOFR E VE R S EC HAR G EME C HANIS M EARLIEST of following dates
DA TEIMME DIA TE L Y F OLL OWING60 DA Y S F R OM DA TEOF IS S UEOFINVOIC E DA TEOFE NTR YINBOOK S OFAC C OUNTOF R E C IP IE NT , IFNOT P OS S IBLETODE TE R MINE THR OUG H A& B DA TEON WHIC H P A Y ME NTMADE E AR L IE S TOF
NTR YINBOOK S
BITINBANK In case of supply by Associated Enterprises, if supplier located outside India, Time of supply shall be earliest of Following
Recipient or
T ime of S upply of S ervice INC AS EOFS UP P L YOFVOUC HE R
DA TEOFIS S UEOFVOUC HE R DA TEOFR E DE MP TIONOFVOUC HE R IFS UPPL YISIDE NTIF IABL EA TPOINTOF IS S UE (S PE C IF ICVOUC HE R ) INANYO THE RC AS E
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T ime of S upply of S ervice INC AS E NO TP OS S IBLET ODE TE R MINETIMEOF S UP P L Y
P E R IODIC ALR E TUR N HAS TOBEF ILE D INANYOTHE RC AS E DA TEON WHIC H S UC HR E TUR N T O BEF IL E D DA TEON WHIC H C G S T /S G S TISP AID ( P A Y ABL E ???)
T ime of S upply of S ervice ADDITIONINTHEV AL UEOFS UP P L YF ORDE LA Y E D P A Y ME NTOFC ONS IDE R A TIONB YWA YOF
INTE R E S T LA TEF E E S P E NAL TY TIMEOFS UPPL Y DA TEON WHIC HS UPPL IE RR E C E IVE SS UC HADDITIONINV AL UE
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T imeof S upply when C hange in R ateof T ax
respect of goods/service
19 CA RAJIV LUTHIA 22nd April, 2017
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Supply of Goods/servic e Issuance of Invoice Receipt of payment Time of supply Before After After Earliest of invoice or date of receipt Before Before After Date of invoice Before After Before Date of receipt of payment After Before After Date of receipt of payment After Before Before Earliest of invoice or receipt After After Before Date of invoice
T ypesof Invoices T ax Invoice Bill of S upply T
erson S upplyingT AXABL E G OODS / S E R VIC E T
axableP erson S upplyingE XE MPTE D G OODS / S E R VIC E Sor C OMPOS ITEDE AL E R
CA RAJIV LUTHIA 22 7th May, 2017
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S.No. Event Document Time of issue 1. A registered person supplying taxable goods
[Section 31(1)]
Tax Invoice before or at the time of:
(a) removal of goods for supply to the recipient, where the supply involves movement of goods (b) delivery of goods or making available thereof to the recipient, in any other case. Not mandatory to separate issue tax invoice for supplies below Rs. 200/- in case such tax invoice is not required by the customer. [Section. 31(1) (3)(b)]
2. A registered person supplying taxable services
[Section 31(2)]
Tax Invoice before or after the provision of service but within a period
Not mandatory to separate issue tax invoice for supplies below Rs. 200/- in case such tax invoice is not required by the customer. [Section. 31(1) (3)(b)] However shall issue a consolidated tax invoice for such supplies at the close of each day in respect of all such supplies. [Third Proviso to Rule 1]
3. A registered person supplying taxable services
[proviso to Section 31(2)] Which Government may by notification and subject to such conditions as may be mentioned therein, specify some categories of services
any other document issued in relation to the supply shall be deemed to be a tax invoice before or after the provision of service but within a prescribed period 4. In case of continuous supply of goods
[Section 31(4)]
Tax Invoice
where successive statements of accounts or successive payments are involved: before or at the time each such statement is issued or, as the case may be, each such payment is received.
Below is the tabular view showing details of these documents to be issued and Time limit within which such invoice or documents shall be issued:
S.No. Event Document Time of issue
5. In case of continuous supply
[Section 31(5)]
Tax Invoice (a) due date of payment is ascertainable:
(b) due date of payment is not ascertainable: On
receives the payment; (c) payment is linked to the completion of an event:
5. On receipt of advance
[Section 31(3)(d)] Where subsequently no supply is made and no tax invoice is issued in pursuance of advance receipt issued, a refund voucher shall be issued against such payment; [Section 31(3)(e)]
a receipt voucher
a refund voucher
At the time of receipt of advance 6. supply of services ceases under a contract before the completion of the supply
[Section 31(6)]
Tax Invoice at the time when the supply ceases ( invoice shall be issued to the extent of the supply made before such cessation) 7. where the goods being sent
before the supply takes place
[Section 31(7)]
Tax Invoice On or before the time of supply
six months from the date of removal, (whichever is earlier)
Below is the tabular view showing details of these documents to be issued and Time limit within which such invoice or documents shall be issued:
S.No. Event Document Time of issue
8. Composition dealer or supplier of exempted goods
[Section. 31(1) (3)(c) & proviso thereof]
bill of supply in place
For supplies below Rs. 200/- to unregistered customers, he may not issue separate bill of supply if case bill not demanded by the
9. Purchase from unregistered dealer i.e. tax payable under reverse charge.
[Section. 31(1)(3)(f)]
Invoice
both 10. Payment for Purchase from unregistered dealer i.e. tax payable under reverse charge.
[Section. 31(1) (3)(g)]
Payment Voucher at the time of making payment to the supplier 11. Supplies made during the period beginning with the effective date of registration till the date of issuance of certificate of registration to the supplier.
[Section. 31(1) (3)(a)]
[Rule 6(2)]
tax invoice (in respect
made to all recipients who are not registered under the Act.) [first proviso to Rule 6(2)]
within one month from the date of issuance of certificate of registration
Below is the tabular view showing details of these documents to be issued and Time limit within which such invoice or documents shall be issued:
S.No. Event Document Time of issue
12. Where goods supplied are returned or excess tax charged due to rate difference or any other reason e.g. supply of deficient goods or services
[Section 34(1)]
Credit Note On the occurrence of such event 13. Where taxable value or tax charged in tax invoice is found to be less than the taxable value or tax charged in original invoice Debit Note On the occurrence of such event 14. Supplies distributed by Input Service Distributors (ISD)
including a non-banking financial company.
[ Rule 7(1)]
ISD Invoice or ISD Credit Note 15. Supplies distributed by Input Service Distributors (ISD) being a banking company or a financial institution, including a non-banking financial company.
[proviso to Rule 7(1)]
Any document in lieu
credit note, by whatever name called, whether or not serially numbered but containing the information as prescribed u/r 7(1)
Below is the tabular view showing details of these documents to be issued and Time limit within which such invoice or documents shall be issued:
S.No. Event Document Time of issue
16. supplier of taxable service being an insurer or a banking company or a financial institution, including a non- banking financial company
[ Rule 7(2)]
Tax invoice or any
lieu thereof, by whatever name called, whether or not serially numbered, and whether or not containing the address of the recipient of taxable service but containing other information as prescribed under rule 7(1) Within forty five days from the date of supply of service
[First Proviso to Rule 2]
17. Supplier of taxable service is a goods transport agency supplying services in relation to transportation of goods by road in a goods carriage,
[Rule 7(3)]
A tax invoice or any
lieu thereof, by whatever name called, containing some additional details along with
prescribed under rule 7(1). 18. supplier of taxable service is supplying passenger transportation service.
[Rule 7(4)]
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 7(1).
Below is the tabular view showing details of these documents to be issued and Time limit within which such invoice or documents shall be issued:
S.No. Event Document Time of issue
19. Supplier of services being an insurer or a banking company or a financial institution, including a non- banking financial company,
any other class of supplier of services as may be notified by the Government making supplies without consideration (excluding gifts upto Rs. 50,000/- in a financial year by an employer to an employee ) which is to be treated as taxable supplies of services between distinct persons as specified in Entry 2 of Schedule I, 19. Supplier of services being an insurer or a banking company or a financial institution, including a non-banking financial company, or a telecom
services as may be notified by the Government making supplies without consideration (excluding gifts upto Rs. 50,000/- in a financial year by an employer to an employee ) which is to be treated as taxable supplies of services between distinct persons as specified in Entry 2 of Schedule I, 20. In Case of inter-State supplies, where the value of a supply does not exceed two lakh and fifty thousand rupees in respect of all the unregistered recipients of a single state.
[Second proviso to Rule 6(2)]
20. In Case of inter-State supplies, where the value of a supply does not exceed two lakh and fifty thousand rupees in respect of all the unregistered recipients of a single state.
[Second proviso to Rule 6(2)]
21. In case of:
(a) supply of liquid gas where the quantity at the time of removal from the place of business of the supplier is not known, (b) transportation of goods for job work, (c) transportation of goods for reasons other than by way of supply, or (d) such other supplies as may be notified by the Board, [Rule 8]
21. In case of:
(a) supply of liquid gas where the quantity at the time
is not known, (b) transportation of goods for job work, (c) transportation of goods for reasons other than by way of supply, or (d) such other supplies as may be notified by the Board, [Rule 8]
Below is the tabular view showing details of these documents to be issued and Time limit within which such invoice or documents shall be issued:
7th May, 2017 CA RAJIV LUTHIA 23
a receipt voucher or other prescribed documents evidencing the receipt thereof
ax Invoice is issued against advance, the registered person to issue refund voucher.
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INVOIC EF ORS UPPL YOFT AXABLEGOODS– S
T AXINVOIC EF ORG OODST OBEIS S UE D BE F OR EORATTIMEOF R emoval of goodsfor supply Where supplyinvolve movement of goods Delivery of goodsor making availablethereof to recipient In any other case
/supplies for which Tax invoice to be issued in such time/manner as prescribed
INVOIC EF ORS UPPL YOFT AXABLES E R VIC E– S
T AXINVOIC EF ORS E R VIC E T OBEIS S UE D
/supplies for which
making taxable supply of service between “distinct person” may issue invoice before or at time ,supplier record in his books or before expiry of quarter in which supply made.
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ervice
I /NBF C& Insurer
C ONTINIOUSS UPPL YOFG OODS– S ec31
T AXINVOIC EF ORG OODST OBEIS S UE D BE F OR EORATTIMEOF E ach S uch S tatement is Issued E ach S uch payment is received
C ONTINIOUSS UPPL YOFS E R VIC E – S ec31
T AXINVOIC EF ORS E R VIC ET OBEIS S UE D BE F OR EORATTIMEOF Due date of payment ascertained fromcontract yes On or before Due date E .G . : C
Before or at the time supplier receivesthe payment No
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C ONTINIOUSS UPPL YOFS E R VIC E – S ec31
Wherepayment linked to completion of E vent On or beforedate of completion of E vent If supplyof service ceasesunder contract before completion Issueinvoice At time when supplyceases to the extent of supply
G OODSS E NTONAPPR OV AL.. S ection 31
G OODSS E NTONAPPR O V ALBAS IS AR ER E MO VE D BE F OR ETHES UPPL YT AKEPL AC E INVOIC E E AR L IE S TOFF OL L OWING BE F OR ETHE R E MO V AL A TTHETIMEOF R E MO V AL S IXMONTHSF R OM THEDA TEOFR E MO V AL If Invoice not raised till end of 6 months, goods are deemed to have been supplied
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S upplyof goods/service Made for consideration By P erson liableto payG S T Must Indicateamount of T axon all documentslike Invoice etc.
F ORS UPPL YOFG OODS OR IG INALINVOIC E DUPL IC ATEINVOIC E TR IPL IC ATEINVOIC E The original invoice to be issued to receiver, and to be marked as“Original for recipient” The duplicate copy to be issued to the transporter, and is marked as “Duplicate for transporter”. T
supplier, and is marked as‘T riplicate for supplier’
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F ORS UPPL YOFS E R VIC E OR IG INALINVOIC E DUPL IC ATEINVOIC E The original invoice to issued to the receiver, and is marked as“Original for recipient” The duplicate copy is for supplier & marked as “Duplicate for S upplier”
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required in ataxinvoice, contain thefollowingdetails:
E xport invoice Must have the words‘“S upply meant for export on payment of IG S T” or “S upply meant for export under bond without payment of IG S T” Name and addressof the recipient Delivery address Number and date of AR E
ax Invoice need not be issued when the value of goods or services supplied is less than R
subject to condition
– R ecipient isnot registered person – R ecipient doesnot require invoice
ax invoice should be prepared at the end of every day for all such supplies for which thebill of supplyisnot issued.
, within 1 month from the dateof issuanceof R C , issuea revised invoiceasprescribed against the invoicealreadyissued duringtheperiod from effective dateof R Ctill thedateof such R C
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egistered P erson may issue consolidated revised T ax invoice in respect of all taxable supply made to recipient who isnot registeredunder Act duringsuch period
tate supply , R egistered P erson may issue consolidated revised T ax invoice upto supply of R s 2.5 lacs in respect of all taxable supply made to recipient not registered under the Act duringsuch period
receives goods or services from an unregistered supplier, the receiver must issue an invoice on the date of receipt of goodsor services
egistered person liable to pay tax u/s 9(3)/9(4) i.e reverse charge to issue payment voucher at the time of making payment to supplier .
74/129/130 to mention prominently on invoice “INPUTT AXC R E DITNOTADMIS S ABLE ”
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S T charged in an invoice, a debit note or supplementary invoice
issued by a supplier to record increase in taxable value &/or G S Tcharged in theoriginal invoice.
redit note- These are to be issued by a supplier to record decrease in taxable value &/or G S T charged in theoriginal invoice.
includethefollowingdetails:
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Debit note/Supplementary Invoice/Credit Note Nature of the document must be indicated prominently, such as ‘revised invoice’ or ‘supplementary invoice’ Name, address, and GSTIN of the supplier A consecutive serial number containing only alphabets and/or numerals, unique for a financial year Date of issue of the document If recipient is registered- Name, address and GSTIN/Unique ID number of the recipient If recipient is unregistered- Name, address of recipient and address of delivery, with state name and code Serial number and date of the original tax invoice or bill of supply Taxable value of the goods or services, rate of tax and the amount of tax credited or debited to the recipient Signature or digital signature of the supplier or his authorized representative
C redit note must be issued
30th S eptember followingend
.Y . in which supply was made E xample
cenario 1- Annual return of the F inancial Y ear 17-18filed on 1st December ‘18
cenario 2- Annual return of the F inancial Y ear 17-18filed on 31st May ‘18. Date of F ilingof relevant Annual R eturn
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ME ANINGOFR E LA TE DPE R S ON – S ection 15(5)
P ersonsshall be deemed to be “R elated persons” if–– I. such personsare officersor directorsof one another’sbusinesses; II. such personsare legally recogniz ed partnersin business; III. such personsare employer and employee; IV. any person directly or indirectly owns, controlsor holdstwenty-five per cent
V.
VI. both of them are directly or indirectly controlled by athird person;
membersof the same family
erson” also Include“legal person”
erson associated in businessas
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WITHK NOWLE DGE … … … WEK NOW THEWOR DS , BUTWITHE XP E R IE NC E … … ... WEK NOW THEME ANING
Bagdia & Company,
CharteredAccountants
63/69, Rajat sankul, Opp St Stand, Ganeshpeth, Nagpur - 440018
T el : 6632401 Mobile : 9823272345 Email: casaket123@gmail.com
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