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Under the GST regime, an “invoice” or “tax invoice” means the tax invoice referred to in CGST Act, 2017. This section mandates issuance of invoice or a bill of supply for every supply of goods or services. It is not necessary that only a person supplying goods or services need to issue an invoice. The GST law mandates that any registered person buying goods or services from an unregistered person needs to issue a payment voucher as well as a tax invoice.
To summarize in one sentence, the GST bill is a primary document evidencing the supply and vital for availing input tax credit.
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|What is Tax Invoice?||An neither Invoice nor tax invoice means the tax invoice referred to in CGST Act 2017.|
|Where do we find Tax Invoice in Tally?||
Points (a) to (e) borrowed from Tax Invoice with following additional requirements :
|Shortcut to access Tax Invoice in Tally||Gateway of Tally > Accounting Voucher > F8 Sales|
|What is Bill of Supply?||The composition dealers are not allowed to collect tax in the invoice. To identify the invoice of a composite dealer. Department has given a separate name called ‘bill of supply’. The composition dealer is also to mention ‘Composite Dealer Not Eligible to Collect Tax in his bill of supply.|
|Contents of Bill of Supply||
A bill of supply shall be issued by the supplier containing the following details:-
|Where do we find Bill of Supply in Tally?||
To activate composition scheme :
Step 1: Go to F11 Features > F3 Statutory & taxation
Step 2: Enable goods and service tax (GST): Yes
Step 3: Set/alter GST details: Yes
Step 4: In the GST Details screen fill details such as State, GSTIN, Applicable from, Whether e-way bill applicable, Enable tax rate on purchase
Step 6: Press Enter and Save
|Shortcut to access Bill of supply in Tally||Gateway of Tally > Accounting Vouchers > F8 Sales|
|What is a payment voucher?||
A registered person liable to pay tax under reverse charge (both for supplies on which tax is payable under reverse charge mechanism and supplies received from unregistered persons) has to issue an invoice in respect of goods or service or both received by him.
And such registered person in respect of such supplies also has to issue a payment voucher at the time of making payment to the supplier. And at times advance payments are even made it is this advance payment which is required to be recorded and reported in GST returns.
|Format||No prescribed format|
|Where do we find payment voucher in Tally?||
Step 1: Go to Gateway of Tally > Accounting Vouchers > F5: Payment.
Step 2: Click V: Reverse Charge. Adv. to mark the voucher for advance payment. The values entered in this voucher are captured in GSTR - 2 report.
|What is a receipt voucher?||
Whenever a registered person receives an advance payment with respect to any supply of goods or services or both, he has to issue a receipt voucher or any other document, containing such particulars as has been prescribed in the Invoice Rules, evidencing receipt of such payment.
The whole issue is related to time of supply.
The general rule for the time of supply for services is the earliest of the following –
[*This means that if the advance is received before the issue of the invoice the time of supply would be the date of receipt of advance and the receipt voucher issued by the supplier of services would be treated equivalent to GST Tax Invoice for purpose of GST Returns]
|What information does it contain?||
A receipt voucher needs to contain the following particulars:
|Where do we find receipt voucher in Tally.ERP 9?||
To record a receipt voucher for advance received from a customer:
Step 1: Go to Gateway of Tally > Accounting Vouchers > F6: Receipt.
Step 2: Click N: Nature of Receipt > Advance Receipt to mark the voucher for advance receipt.
Step 3: Select the bank to which the payment will be made.
Step 4: Select the Party ledger
Step 5: The Advance Receipt Details screen appears with the list of stock items. To select a ledger, click L: Show Ledgers. Click F 12: Configure and set the options:
Step 6: Enter the Advance Amount, which is inclusive of GST. You can adjust this against the sales invoice partially/fully, based on the sale value.
[Note: Based on the amount entered, the break-up of the GST amount gets auto calculated for Central Tax, State-Tax, and Cess, if applicable.]
Step 7: Press Ctrl + A to accept the Advance Receipt Details screen
Step 8: Press Enter and save the voucher.
|What is a revised Invoice?||
This provision is necessary as a person who becomes liable for registration has to apply for registration within 30 days of becoming liable for registration.
When such an application is made within the time period and registration is granted, the effective date of registration is the date on which the person became liable for registration. Thus there would be a time lag between the date of grant of certificate of registration and the effective date of registration.
For supplies made by such person during this intervening period, the law enables the issuance of a revised invoice, so that ITC can be availed by the recipient on such supplies.
Same as a GST Invoice or GST bill except for one change:
To include the word ―Revised Invoice‖, wherever applicable, and to be indicated prominently;
|Where do we find Revised invoice in Tally?||
To record a Revised Invoice,
Step 1: Accounting Voucher > F8 Sales
Step 2: Prepare Tax invoice in the usual way
Step 3: After saving the voucher, press ALT + P for Print and Press ALT + T to change the title to Revised Invoice.
|What is a Credit Note?||In cases where tax invoice has been issued for a supply and subsequently it is found that the value or tax charged in that invoice is more than what is actually payable/ chargeable or where the recipient has returned the goods, the supplier can issue a credit note to the recipient.|
|Format||No prescribed format|
|Where do we find this in Tally?||
How to Activate Credit Note in Tally.ERP 9?
Step 1: From Gateway of Tally > F11 Accounting Features > Inventory Features.
Step 2: Enable Use debit and credit notes to 'Yes'
Step 3: Record credit note in invoice mode: Set yes if required
Step 4: Save and accept the F11 Features screen.
|What is Debit Note?||In cases where tax invoice has been issued for a supply and subsequently it is found that the value or tax charged in that invoice is less than what is actually payable/ chargeable, the supplier, in this case, can issue a debit note to the recipient.|
|Format||No Prescribed Format|
|Where do we find this in Tally?||The same process as we followed for Credit note have to be followed, Debit Note Option will be available next to Credit Note.|
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