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VIA -GSTCLINIC TAX INVOICE, DEBIT NOTE & CREDIT NOTE 1 - PDF document

Dec 25, 2022 •224 likes •557 views

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

  1. VIA -GSTCLINIC “TAX INVOICE, DEBIT NOTE & CREDIT NOTE” 1 PRESENTED BY CA SAKET BAGDIA 2 1

  2. 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 will be determined. • S ection 12 … .Liability to pay tax on goods shall arise at the time of supply . 4 2

  3. T ime of S upply of Goods INC AS EOFS UP P L YOFVOUC HE R INANYO THE RC AS E IFS UPPL YISIDE NTIF IABL EA TPOINTOF IS S UE (VOUC HE RF ORS PE C IF ICUS EONL Y ) DA TEOFIS S UEOFVOUC HE R DA TEOFR E DE MP TIONOFVOUC HE R 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 DA TEON WHIC H C G S T /S G S TISP AID R E TUR N T OBE ( P A Y ABL E ???) F IL E D 3

  4. 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 • S ection 13 … .Liability to pay tax on S ervice shall arise at the time of supply . 4

  5. T ime of S upply of S ervice: NOR MALS UP P L Y E AR LIE S Tof followingdates DA TEON WHIC HS UPPL IE R LAS TDA TEON R E C E IVE SP A Y ME NT WHIC HINVOIC E DA TEOFIS S UE ISR E QUIR E DTO OFINVOIC E E AR L IE S TOF • E NTR YINBOOK S IS S UE D • C R E DITINBANK T ime of S upply of S ervice – E xplanation – 1 • S 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 • Dateon which supplier receivespayment means – 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 s. 1,000/- in excess of amount indicated in tax invoice, the time of supply to extent of such excess, at the option of supplier, bedateof issueof invoice. 5

  6. 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 TEOFE NTR YINBOOK S DA TEON WHIC H DA TEIMME DIA TE L Y OFAC C OUNTOF P A Y ME NTMADE F OLL OWING60 DA Y S R E C IP IE NT , IFNOT E AR L IE S TOF F R OM DA TEOF • E NTR YINBOOK S P OS S IBLETODE TE R MINE IS S UEOFINVOIC E • DE BITINBANK THR OUG H A& B In case of supply by Associated Enterprises, if supplier located outside India, Time of supply shall be earliest of Following • Date of Entry in books of Recipient or • Date of payment T ime of S upply of S ervice INC AS EOFS UP P L YOFVOUC HE R IFS UPPL YISIDE NTIF IABL EA TPOINTOF IS S UE INANYO THE RC AS E (S PE C IF ICVOUC HE R ) DA TEOFIS S UEOFVOUC HE R DA TEOFR E DE MP TIONOFVOUC HE R 6

  7. 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 DA TEON WHIC H C G S T /S G S TISP AID S UC HR E TUR N T O ( P A Y ABL E ???) BEF IL E D 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 7

  8. T imeof S upply when C hange in R ateof T ax • Determination of time of supply when there is a change in rate of tax in respect of goods/service Supply of Issuance of Invoice Receipt of payment Time of supply Goods/servic e 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 19 receipt After 22nd April, 2017 After CA RAJIV LUTHIA Before Date of invoice T AXINVOIC E 10

  9. TY PE SOFINVOIC E S T ypesof Invoices T ax Invoice Bill of S upply T o be issued byregistered P erson T o be issued byregistered T axableP erson S upplyingT AXABL E S upplyingE XE MPTE D G OODS / S E R VIC E Sor G OODS / S E R VIC E C OMPOS ITEDE AL E R 7th May, 2017 CA RAJIV LUTHIA 22 9

  10. 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 1. A registered person supplying Tax Invoice before or at the time of: taxable goods ( a ) removal of goods for supply to the recipient, where the supply involves movement of goods [Section 31(1)] ( 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 Tax Invoice before or after the provision of service but within a period taxable services of thirty days from the date of supply of service [Rule 2] [Section 31(2)] 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 any other document before or after the provision of service but within a taxable services issued in relation to the prescribed period supply shall be deemed [proviso to Section 31(2)] to be a tax invoice Which Government may by notification and subject to such conditions as may be mentioned therein, specify some categories of services 4. In case of continuous supply of Tax Invoice where successive statements of accounts or successive payments are involved: goods before or at the time each such statement is issued or, as the [Section 31(4)] case may be, each such payment is received.

  11. 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 Tax Invoice (a) due date of payment is ascertainable: of services on or before the due date of payment; ( b ) due date of payment is not ascertainable: On [Section 31(5)] or before the time when the supplier of service receives the payment; ( c ) payment is linked to the completion of an event: on or before the date of completion of that event 5. On receipt of advance a receipt voucher At the time of receipt of advance [Section 31(3)(d)] Where subsequently no supply is made and no tax invoice is a refund voucher issued in pursuance of advance receipt issued, a refund voucher shall be issued against such payment; [Section 31(3)(e)] 6. supply of services ceases Tax Invoice at the time when the supply ceases ( invoice shall under a contract before the be issued to the extent of the supply made before completion of the supply such cessation) [Section 31(6)] 7. where the goods being sent Tax Invoice On or before the time of supply or taken on approval for sale or or return are removed six months from the date of removal, before the supply takes (whichever is earlier) place [Section 31(7)]

  12. 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 bill of supply in place For supplies below Rs. 200/- to unregistered supplier of exempted goods of Tax Invoice customers, he may not issue separate bill of or services supply if case bill not demanded by the customer. [Proviso to Rule 4] [Section. 31(1) (3)(c) & proviso thereof] 9. Purchase from unregistered Invoice on the date of receipt of goods or services or dealer i.e. tax payable under both reverse charge. [Section. 31(1)(3)(f)] 10. Payment for Purchase from Payment Voucher at the time of making payment to the supplier unregistered dealer i.e. tax payable under reverse charge. [Section. 31(1) (3)(g)] 11. Supplies made during the 1. Revised Invoice within one month from the date of issuance of period beginning with the certificate of registration [Rule 6(2)] effective date of registration 2. Consolidated revised till the date of issuance of tax invoice ( in respect certificate of registration to of all taxable supplies the supplier. made to all recipients who are not [Section. 31(1) (3)( a )] registered under the Act.) [first proviso to Rule 6(2)]

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