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GST Update 03.09.2016

SECTION 23. TAX INVOICE

 
GST DAILY DOSE OF UPDATION:-
 
 
SECTION 23. TAX INVOICE:- It is provided in Model GST Law that a registered taxable person supplying,-
 
(i)                taxable goods shall issue, at the time of supply, a tax invoice showing the description, quantity and value of goods, the tax charged thereon and such other particulars as may be prescribed;
 
(ii)              taxable services shall issue a tax invoice, within the prescribed time, showing the description, the tax charged thereon and such other particulars as may be prescribed.
 
 
Moreover, a registered taxable person may issue a revised invoice against the invoice already issued during the period starting from the effective date of registration till the date of issuance of certificate of registration to him.
 
Furthermore, a registered taxable person supplying non-taxable goods and/or services or paying tax under the provisions of section 8 shall issue, instead of a tax invoice, a bill of supply containing such particulars as may be prescribed.
 
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.
 
The above provisions indicate that the supply of goods is required to be accompanied by tax invoice as person is required to issue revised invoice after grant of registration. This creates problem when supply of goods is in lots or installments. This is for the reason that it is specified that a tax invoice should be accompanied by every taxable supply of goods thereby leading to doubt as regards issuance of tax invoice for every lot of goods supplied. However, one way can be issuance of challans with every lot of goods and issue of final tax invoice with the last lot of supply of goods.
 
It is also specified that a person supplying non-taxable goods or operating under composition scheme is also required to issue bill having such particulars as may be prescribed. Although, no cenvat credit is available on such supplies, even then the law prescribes issuance of bill for such supplies.
 
 
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