Tax Invoice, Credit and Debit Notes under GST

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Invoicing

Invoicing shall be done in following manner by a registered ‘taxable person’ :

(i) In case of taxable goods: A tax invoice showing the description, quantity and value of goods, the tax charged thereon shall be issued at the time of supply of goods.

(ii) In case of taxable services: A tax invoice,  showing the description, the tax charged thereon shall be issued within the prescribed time.

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First Provisio: Invoice issued prior to obtaining registration certificate may be revised post issuance of certificate of registration.

Second Provisio: A ‘Registered taxable person’ supplying non taxable goods/providing non taxable services under section 8 shall continue to issue bill of supply instead of tax invoice.

Explanation.- The expression “tax invoice” shall be deemed to include a document issued by an Input Service Distributor under section 17, and shall also include any supplementary or revised invoice issued by the supplier in respect of a supply made earlier.

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Credit and Debit Notes

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1) Timeline for Issuance: A ‘taxable person’ may issue to the recepient a credit/debit note containing such particulars as may be prescribed on or before the thirtieth day of September following the end of the financial year in which such supply was made, or the date of filing of the relevant annual return, whichever is earlier.

Provided that no credit note shall be issued by the said person if the incidence of tax and interest on such supply has been passed by him to any other person.

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2) Disclosure Requirements: Any registered taxable person who issues/receives a credit/debit note shall declare the details in the return for the month during which such credit/debit note has been issued/received or in the return for any subsequent month but not later than September following the end of financial year in which such supply was made, or the date of filing of the relevant annual return, whichever is earlier .

The tax liability shall be adjusted in the manner specified in this Act.

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