What are the documents under GST required to issue?
Under GST law, registered businesses need to issue different documents for different situations. For example, a tax invoice is issued when selling taxable goods or services. A delivery challan is issued when goods are moved but it is not considered a sale. A receipt voucher is given when advance payment is received.
What is Tax Invoice?
Generally, when a supplier sells taxable goods or services, they must issue a Tax Invoice to the buyer. This invoice is not just proof of the sale, but also an important document for the buyer to claim Input Tax Credit (ITC). A registered person cannot claim ITC unless they have a proper tax invoice and other required conditions are fulfilled.
What is Bill of supply?
Under GST law, when taxable goods or services are supplied, the supplier must issue a tax invoice. But if the supplier has chosen the composition scheme or is supplying exempt goods or services, they are required to issue a Bill of Supply instead of a tax invoice.
What is Self-invoice under RCM?
As per GST laws, when a supplier sells taxable goods or services, they have to pay GST to the government. This is called the forward charge mechanism. But in some cases, the responsibility to pay GST shifts to the recipient. This is known as the reverse charge mechanism.
If the recipient buys goods or services from a person who is not registered under GST, then the recipient must issue a self-invoice for that purchase and pay the applicable GST.
What is Receipt voucher?
When a supplier sells taxable goods or services, they must issue a tax invoice. But if the supplier only receives an advance payment and the actual supply has not yet been made, then they need to issue a receipt voucher for the amount received.
What is Payment voucher?
Normally, the supplier has to pay GST to the government when they supply taxable goods or services. But in some special cases, the recipient of goods or services has to pay GST instead. This is called the reverse charge mechanism. In such cases, the recipient must issue a Payment Voucher to the supplier.
What is Refund voucher?
If a person receives advance payment for supplying goods or services and issues a receipt voucher, but later the supply does not happen and no tax invoice is issued, then the person must issue a Refund Voucher to return the advance amount received.
What is Debit note?
Usually, when goods or services are supplied, the supplier has to issue a Tax Invoice (or a Bill of Supply for exempt supplies) to the buyer. But if the supplier later realizes that they charged less tax or less taxable value in the invoice, they need to issue a Debit Note for the remaining amount.
What is Credit note?
It is compulsory to issue a tax invoice when supplying goods or services. But sometimes, goods may be returned by the customer or the customer may disagree with the price mentioned in the invoice. To handle such situations, GST law allows the supplier to issue a Credit Note. The tax amount shown in the credit note can be adjusted against the supplier's future tax payments.
What is Delivery challan?
The term delivery challan is not clearly defined in GST law. It is simply a document used for transporting goods from one place to another. This movement of goods may or may not be considered a supply under GST.
What is the time limit to issue such documents?
|
Type of Document |
Situation |
Time Limit to Issue |
|
Tax Invoice (Goods) |
Supply of taxable goods (normal case) |
Before or at the time of removal of goods for supply |
|
Tax Invoice (Services) |
Supply of taxable services |
Within 30 days from the date of supply of service |
|
Bill of Supply |
For exempt goods/services or composition scheme |
Before or at the time of supply |
|
Receipt Voucher |
On receiving advance payment |
At the time of receiving the advance |
|
Refund Voucher |
No supply made after advance is received |
After deciding not to supply the goods or services |
|
Debit Note |
When supplier charged less tax or value |
No specific time limit, but must be declared in GSTR-1 before September of next financial year or filing annual return, whichever is earlier |
|
Credit Note |
For returned goods or excess tax charged |
No specific time limit, but must be declared in GSTR-1 before September of next financial year or filing annual return, whichever is earlier |
|
Self-Invoice |
Purchase from unregistered supplier under reverse charge |
At the time of receiving the goods or services |
|
E-Invoice (if applicable) |
For eligible businesses based on turnover |
Before or at the time of supply; must be reported to IRP before movement of goods |
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