GST Update on Various documents under GST

Receipt Voucher- GST is payable on receipt of advance. As per
Sec 31(3)(d) of the CGST Act,2017, Any registered person who receives advance in respect of any supply of goods and services is liable to issue receipt voucher. The “RECEIPT VOUCHER” mechanism is also applicable to transactions on which tax is paid under reverse charge mechanism.
While taking an advance payment, GST rate and amount of tax chargeable must be mentioned on the receipt voucher. On payment of the advance, the GST collected should be deposited with the Government. However, if the rate of tax is not determinable, then the tax should be calculated and paid at the rate of 18%. Also, if the nature of supply, i.e., interstate supply or intra-state supply is not determinable, then the supply should be treated as interstate supply and IGST would be applicable.
A receipt voucher referred to in clause (d) of sub-section (3) of section 31 shall contain the details as specified in Rule 50 of CGST Rules, 2017
Refund Voucher - As per Sec 31(3)(e) of CGST Act, 2017 if the registered person has received advance in respect of supply of goods and services and issued receipt voucher for the same , but subsequently no supply is made and no tax invoice is issued; then the registered person is liable to issue a refund voucher against such payment.
A refund voucher referred to in clause (e) of sub-section (3) of section 31 shall contain the details as specified in Rule 51 of CGST Rules, 2017
Payment Voucher - As per Sec 31(3) (g), a registered person who is liable to pay tax under reverse charge mechanism as per sec 9(3) and 9(4) of the CGST Act, 2017 shall issue a payment voucher at the time of making payment to the supplier. The section 9(3) of reverse charge mechanism lists out the certain services, which are required to be paid under reverse charge by the service recipient. The services like freight paid to GTA, services taken from Lawyer, services taken from government are the certain services covered under this section. Section 9(4) covers the goods and services that are procured from unregistered dealer and payment is to be made under reverse charge mechanism.
A payment voucher referred to in clause (g) of sub-section (3) of section 31 shall contain the details as specified in Rule 52 of CGST Rules, 2017

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GST Update on Various documents under GST

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