What is a GST receipt voucher?

GST receipt voucher

The GST receipt voucher is referred to in clause of subsection 3 of section 3q will have the following particulars:
• Name, address and GSTIN of the supplier,
• A consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or number also or special characters hyphen or dash and slash symbolised as “_” and “/” respectively and any combination thereof, unique for a financial year.
• A consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as “_” and “/” respectively and combination thereof, unique for a financial year
• Name, address and GSTIN or UIN if registered of the recipient.
• Description of goods or services
• Amount of advance taken
• Description of goods or services
• Amount of advance taken
• Rate of tax (Central tax, state tax, integrated tax, union territory tax or cess)
• Amount of tax charged in respect of taxable goods and services (Central tax, state tax, integrated tax, union territory tax or cess)
• Place of supply along with the name of state and it’s code, in case of a supply in the course of interstate trade or commerce.
• Whether the tax is payable on reverse charge basis and
• Signature or digital signature of supplier or his authorized representative. Provided that where at the time of receipt of advance,
1. The rate of tax is not determinable, the tax shall be paid at the rate of eighteen percent.
2. The nature of supply is not determine able the same shall be treated as interstate supply.

What exactly is GST receipt voucher?

GST is payable in case of ecliptic of advance. This advance has to be deposited with government. A person receiving advance has to compulsorily issue receipt voucher. Example: A person gives to another an advance of 10000, GST rate is 10% hence, this advance of 10000 is inclusive of GST. Amount before GST CGST 9% SGST 9%. So the other person has to issue the first person a receipt voucher containing details of the advance.
The mandatory details required for GST receipt voucher:
According to rule 5 of GST revised invoice
Rules:
GST receipt voucher referred to in clause d) of sub section 3 of section 31 shall contain the following:
1. Name, address and GSTIN of the supplier (b) a consecutive serial number containing alphabets or numbers containing alphabets or numerals or special characters hyphen
2. A consecutive serial number containing alphabets or numerals or special characters hyphen or dash and slash symbolised as “_” and “/” respectively and any combination thereof, unique for a financial year (c) date of its issue,
3. Date of its issue (d) name,
4. Name, address and GSTIN or UIN, if registered, of the recipient, (e) description of goods or services,
5. Description of goods or services, (f)
6. Amount of advance taken, (g)
7. Rate of tax (Central tax, state tax, integrated tax, union territory tax or cess)
8. Place of supply along with the name of state and it’s code, in case of a supply in the course of interstate trade or commerce
9. Whether the tax is payable on reverse charge basis, and
10. Signature or digital signature of the supplier or his authorized representative

What is GST invoice?

GST invoice
If you goods or services to another tax payer under GST you are required to issue a GST invoice in the prescribed format.
Two types of invoices issued under GST:
Taxable invoice which is issued to pass GST credit and
Bill of supply which is issued when the bill of supply is exempted or the supplier is under composite scheme i.e no GST credit is passed on.
Difference between current invoice and GST invoice
• The serial number should be consecutive number containing only alphabets or numbers and must be unique for a financial year.
• If the recipient is unregistered and taxable value of supply is Rs.50,000 or more, the state name and code are required. In case of interstate supply the state name if required.
• Taxable value is the value after deducting discount or abatement, if any.
• HSN code in case of goods or accounting code in case of services has to be mentioned for supplies by notified person.
Two copies of invoices are required in case of service providers one for recipient and one for supplier and in case of selling goods three copies of invoices are required one for recipient, one for supplier and one for transporter.

Sumathi

I’m a tax expert with over 10 years of professional experience. I’ve gained practical insights on GST and other Taxes during my tenture as a Tax expert and GST Trainer in Reach Accountant.