Anish Jain
GST is going to be reality with effect from 1stJuly, 2017 as per the statements issued by Government of India on day to day basis. First and foremost document that is required to be generated after implementation of GST is Invoice because supply cannot be stopped as it may involve additional cost by way of late delivery charges. It is also not good for the company to say that supply cannot be affected due to non-generation of invoice in the system. Hence, Invoice is the first document that is required to be generated in the system after implementation of GST.
Section 31 to 34 of CGST Act, 2017 along with Tax Invoice, Credit and Debit Note Rules are the governing law for the purpose of documents of supply of Goods/ Services. As per Section 31(1) a registered person is required to raise invoice before or at the time of removal of goods. As per section 31(2) of CGST Act, 2017, a registered person is required to raise invoice for supply of services before or within 30 days from date of providing of services. Section 31(3) deals with Revised Invoice, Bill of Supply, Receipt Voucher, Refund Voucher, Payment Voucher and Invoice as Recipient. Section 32 says unregistered person will not collect tax. Section 33 says tax amount is required to be shown separately on the invoice. Section 34(1) deals with Credit Note and Section 34(2) deals with Debit Note.
Following are the important documents in relation to supply of goods:-
| IMPORTANT DOCUMENTS RELATING TO SALE AND PURCHASE IN GST | ||
| SR. NO. | DOCUMENT NAME | PURPOSE |
| 1 | INVOICE | TAXABLE SUPPLY |
| 2 | BILL OF SUPPLY | EXEMPTED SUPPLY |
| 3 | RECEIPT VOUCHER | ADVANCE RECEIVED |
| 4 | REFUND VOUCHER | NO SUPPLY AGAINST ADVANCE RECEIVED |
| 5 | PAYMENT VOUCHER | RCM+UNREGISTERED |
| 6 | INVOICE BY RECIPIENT | RCM+UNREGISTERED |
| 7 | REVISED INVOICE | AFTER REGISTRATION FROM THE DATE OF VALIDITY OF REGISTRATION |
| 8 | DEBIT NOTE | PRICE REVISED UPWARD AFTER SUPPLY |
| 9 | CREDIT NOTE | PRICE REVISED DOWNWARD AFTER SUPPLY |
| 10 | DELIVERY CHALLAN | TRANSPORTATION OF GOODS WITHOUT INVOICE |
| 11 | ISD INVOICE | TO DISTRIBUTE CREDIT |
These rules prescribe the information that is required on the document i.e. Invoice, Bill of Supply, Debit Note, Credit Note or Delivery Challan. These rules nowhere say about the place where this information is required to be. Now everybody will design these documents as per their own wishes and some will prepare these documents vertically and some will prepare horizontally. Further, some will show some information on the top of invoice and other will show on the bottom of the invoices.
It would have been better if government came out with the prescribed format of invoice so that everybody follows that and desired information can be seen easily on the invoice.
I am attaching herewith excel sheet containing the Legal Framework and the information required on each and every documents. I hope it will be useful for the readers.
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