Invoicing under GST In the GST regime, two types of invoices will be issued: 1. Tax invoice 2. Bill of supply.

Slides:



Advertisements
Similar presentations
PROPOSED RETURN PROCESS
Advertisements

GST Seminar CA Dibyendu Das May 2017.
OVERVIEW of GOODS AND SERVICES TAX (GST)
GST TRANSITIONAL PROVISIONS
Basic Concepts of Transition & Invoice
Today’s Agenda Place of Supply. Returns under GST. Input Credit Rules.
GST – TRANSITIONAL AND CRITICAL PROVISIONS
TRANSITIONAL PROVISIONS
Anti-Profiteering Provisions
INVOICING UNDER GST.
Returns in goods and services tax
Public Awareness Seminar on GST
Business process under GST
Chapter 16 Financial source documents BSBCMN207A/03—Reconcile invoices for payment to creditors BSBCMN207A/04—Prepare invoices for debtors Copyright 
Study Circle Meeting on GST
Monthly Return Filing Process
GST Composition Scheme
Sonepat Branch of NIRC of
Session by KIRAN G GARKAR, FCA
Draft GST Invoice Rules
Time, value and Place of Supply Under GST
Tax invoice, debit note and credit note
Time of Supply Discussion By : CA Manoj Kumar Goyal Partner
Standardised PPT on GST
GST CA Manmohan Mahipal M Mahipal & Company TIME OF SUPPLY
Transitional Provisions and guidance to form filing
Electronic Way Bill 1. Information to be furnished prior to commencement of movement of goods and generation of e-way bill.
Payments & Returns under GST
Financial Documents.
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA METTUR-SALEM CHAPTER
Chapter 6 Advanced BAS Topics.
Returns under GST Manoj Malpani CA, CMA.
B.COM,CS, FAFP, NATIONAL GST FACULTY
TAX INVOICE, DEBIT AND CREDIT NOTES
INVOICING UNDER GST.
Invoices, Accounts, E-Way bills Payments under GST
GOODS & SERVICES TAX E-WAY BILL PROVISIONS.
1 JOB WORK CA MUKUND CHOUHAN Mumbai & Surat
Report of Joint Committee on Business Processes for GST on GST Return
TAX INVOICE, DEBIT AND CREDIT NOTES
TAX INVOICE, DEBIT AND CREDIT NOTES
and Going Forward …. Updates on GST
By:- Puneet Agrawal B. Com (H), CA, LLB Partner Athena Law Associates
Vendors Credit Note My Debit Note
METTUR-SALEM CHAPTER OF COST ACCOUNTANTS
Standardised PPT on GST
Filings GOODS AND SERVICE TAX Mohd. Irshad Ahmed
Tally training in Chandigarh Changes in GSTR arter Tally update India.
Standardised PPT on GST
Standardised PPT on GST
RETURN FILING UNDER GST
INVOICING By CA Shubham Khaitan
Purchase Return to Vendor
Goods and services tax GSTR-9 Sirc of icai
CA. Ritesh Mittal, Bcom, FCA, LLB, DISA(ICAI), Insolvency Professional
Annual Return, GST Audit and Finalization of Accounts with GST Perspective Presented By: CA Navneet Garg, B. Com, FCA, DISA, DIRM Presented.
GST Annual Return and Audit Service Sector perspective
Vendors Credit Note My Debit Note
Contents Purpose of filing returns
AUDIT REPORT IN FORM GSTR - 9C
GOODS & SERVICES TAX ACCOUNTS AND RECORDS.
GST Annual Return & Audit
Annual Return under GST
Gokhale Tanksale & Ghatpande. CA Nirav Shah
G G S H & CO. LLP, CHARTERED ACCOUNTANTS
Annual Returns & Reconciliation of ITC
Draft – GST LAW Central / State Goods & Service Tax Act & Rules.
GST Audit & Annual Return
Important aspects in record keeping and documentation under GST
Faculty:-CMA L. Rajesh B.Com., ACMA Practicing Cost Accountant
Presentation transcript:

Invoicing under GST In the GST regime, two types of invoices will be issued: 1. Tax invoice 2. Bill of supply

Tax Invoice 1. When a registered taxable person supplies taxable goods or services, a tax invoice is issued , before or at the time of. (a) removal of goods for supply to the recipient ,where the supply involves movement of goods ; or (b) Delivery of goods or making available thereof to the recipient , in any other case , issue a tax invoice showing the description , quantity and value of goods , the tax charged thereon and such other particulars as may be prescribed; 2. A registered person supplying taxable services shall, before or after the provision of service but within a prescribed period, issue a tax invoice , showing the description, value, tax charged thereon and such other particulars may be prescribed .

Features of tax invoice Every taxable person supplying goods or services or both is required to issue tax invoice. Tax invoice has a unique consecutive serial number in one or multiple series , including alphabets or numerical or special hyphen or dash or slash. Invoice may contain HSN Code of goods or accounting Code of services in respect of tax invoices of taxable persons having turnover beyond specified limits. HSN code at two digit level is required for tax payers having annual turnover in preceding years above rs.1.50 crores but below rs.5 crores. In case of taxable persons having annual turnover above rs.5 crores ,HSN code at four digit s level required –Instruction No.13 to form GSTR-1. Invoice for export should contain clear endorsement with required details. If value of each invoice is less than rs.200, consolidated invoice can be issued at the end of the day.

BILLS OF SUPPLY Tax invoice is generally issued to charge the tax and pass on the credit. In GST there are some instances where the supplier is not allowed to charge any tax and hence a Tax invoice can’t be issued instead another document called Bill of Supply is issued. Cases where a registered supplier needs to issue bill of supply: Supply of exempted goods or services Supplier is paying tax under composition scheme.

How many copies of Tax Invoices are to be issued? When goods are supplied, the supplier is required to issue three copies of the invoice– Original, Duplicate, and Triplicate. Original invoice: When a buyer makes the purchase he gets the first copy of invoice, marked as ‘Original for recipient’.

Duplicate copy:  The duplicate copy is issued to the transporter( carrier of goods) to present as evidence as and when required, and is marked as ‘Duplicate for transporter’. The transporter doesn’t need to carry the invoice if the supplier has obtained an invoice reference number. Triplicate copy: This copy is retained by the supplier for his own record.

DEBIT NOTE A debit note is issued by seller when the amount payable by buyer to seller increases: Tax invoice has a lower taxable value than the amount that should have been charged Tax invoice has a lower tax value than the amount that should have been charged. Debit Note under GST As per GST law, where tax invoice has been issued for supply of any goods and/or services and the taxable value and/or tax charged in that tax invoice is found to be less than the taxable value and/or tax payable in respect of such supply, the taxable person, who has supplied such goods and/or services, shall issue to the recipient, a debit note containing prescribed particulars.

Treatment of debit note under GST The debit note has to be issued by a taxable person who had earlier issued a tax invoice for the supply of any goods and/or services, A debit note has to be issued where tax invoice has charged short value and/or short tax charged than required, Debit note should contain prescribed particulars. Thus, a debit note serves the purpose of accounting adjustment to settle the correct amount of value and tax.

CREDIT NOTE A credit note is issued by seller when the value of invoice decreases: Tax invoice has a higher taxable value than the amount that should have been charged Tax invoice has a higher tax value than the amount that should have been charged Buyer refunds the goods to the supplier Services are found to be deficient. Credit Note under GST; As per GST law, where a tax invoice has been issued for a supply of goods and/or services and the taxable value and/or tax charged in that tax invoice is found to exceed the taxable value and/or tax payable in respect of such supply, the taxable person, who has supplied such goods and/or services, may issue to the recipient a credit note containing prescribed particulars.

Treatment of credit note under GST Credit Note has to be issued by a taxable person who had earlier issued a tax invoice for supply of any goods and/or services Credit note has to be issued where tax invoice has charged excess value and/or excess tax charged than required, Credit note should contain prescribed particulars. Thus, a credit note serves the purpose of accounting adjustment to settle the correct amount of value and tax.

Particulars of Debit Credit Note Name, address and GSTIN of the supplier Nature of the document A consecutive serial number (not exceeding sixteen 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) Date of issue of the document Name, address and GSTIN or UIN, if registered, of the recipient Name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is un-registered Serial number and date of the corresponding original tax invoice or, as the case may be, bill of supply; Value of taxable supply of goods or services, rate of tax and the amount of the tax credited or, as the case may be, debited to the recipient; and Signature or digital signature of the supplier or his authorized representative.