S V Raghunath
Revised Invoice – Section 31 – Issue a revised invoice against the invoice already issued during the period beginning with the effective date of registration till the date of issuance of certificate of registration to him – within one month from the date of issuance of certificate of registration
Invoice – Section 31 – A registered person supplying taxable goods shall, 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:
Credit Note: Section 34
Credit note is issued when ‘I OWE’ money to someone.
Always Issued by the supplier
Eg : Credit note issued against cash discount to the customer at the time of collecting payment from a customer
Debit Note: Section 34
Debit note is issued when ‘THEY OWE’ money to me, that is, Always Issued by the supplier
Eg: if the supplier charges a penalty for delayed payment to the customer . Then, the original amount due PLUS the debit note is the revised amount that the customer pays the supplier
Sec 31(3)(d) read with Rule 50 – CGST Rules, 2017, Receipt of advance will require that a ‘receipt voucher’ be issued and not an invoice (of either kind).
Sec 31(3)(e) – where, on receipt of advance payment with respect to any future supplies the registered person issues a receipt voucher, but subsequently no supply is made and no tax invoice is issued in pursuance thereof, the said registered person may issue to the person who had made the payment, a refund voucher against such payment;
Sec 31(3)(g) – RCM situation U/s 9(3) or 9(4) – a registered person who is liable to pay tax under the situation U/s 9(3) or 9(4) shall issue a payment voucher at the time of making payment to the supplier.
Transportation of goods without issue of invoices – exceptional circumstances-
(compiled by : CA S V Raghunath, Hindupur, Anantapur (Dist) Email: firstname.lastname@example.org)