Tax Invoice Under Gst Queries Asked By Clients To Chartered Accountant

Tax Invoice under GST: Queries Asked by Clients to Chartered Accountant. “invoice” or “tax invoice” means the tax invoice referred to in section 31 under GST. Invoice is a document which records the terms of an underlying arrangement between parties. An invoice does not bring into existence an agreement but merely records the terms of a preexisting agreement. GST requires that an invoice – tax invoice or bill of supply – to be issued on the occurrence of certain event or within a prescribed time. Therefore, an invoice, among others is required to be issued for every other form of supply such as sale, transfer, barter, exchange, license, rental, lease or disposal. The section uses the phrase registered person as a person who is required to issue an invoice whereas a taxable person is one who alone is entitled to input tax credit.

Tax Invoice under GST: Queries Asked by Clients to CA

Author Details

i) The original copy being marked as ORIGINAL FOR RECIPIENT,
ii) The duplicate copy being marked as DUPLICATE FOR TRANSPORTER,
iii) The triplicate copy being marked as TRIPLICATE FOR SUPPLIER.

In case of supply of services, you need to prepare invoice in duplicate: ) The original copy being marked as ORIGINAL FOR RECIPIENT, ii) The duplicate copy being marked as DUPLICATE FOR SUPPLIER,

i) In case of normal and continuous supply

Example of Continuous Supply: Piped Gas, Telephone & Internet supply.

ii) When payment is linked to completion of an event, then a tax invoice should be raised on or before completion of that event. For Ex: Contract work.

ii) On or before due date in contract

iii) Where due date in not certain, at the time of receiving payment

iii) Under Composition scheme, person should issue Bill of Supply instead of Tax invoice.

iv) Bill of supply should be issued for every exempted supplies.

v) If value of supply is less than 200 INR then tax invoice may not be issued if

a) Recipient is not registered and
b) he does not require tax invoice

provided supplier shall issue a consolidated invoice at the end of day.

Issue the Complete invoice before dispatch of first consignment
Issue Delivery challan giving reference of the invoice, for each subsequent assignment and should be accompanied by certified copy of Invoice.
Original Invoice shall be sent with last consignment.
i) At the time of supply i.e. once approval is received or
ii) 6 months from the date or receipt or sending of goods

These revised invoices should be issued within 30 days of registration.

For normal invoices, you can raise debit notes and credit notes instead of revising the invoices.

i) The output liability of supplier will decrease and
ii) The input tax credit of recipient will also be reduced

When a debit note is raised due to subsequent increase in price

i) The output liability of supplier will increase and
ii) Recipient can take input tax credit of such amount.

MJL & Co, Jaipur (Chartered Accountants)Email – MJLco.jaipur@gmail.com (ph – 0141-4915113)

Tax Invoice under GST: Queries Asked by Clients to CA#

Tax Invoice under GST: Queries Asked by Clients to CA