ANNUAL RETURN UNDER GOODS AND SERVICE TAX ACT, GSTR-9

Annual Return under GST

1. What is Annual Return GSTR-9

The GST department has mandated form GSTR-9 Annual Return under GST regime to be filed annual by all registered taxpayers who are registered under Goods and Service Tax act including composition taxpayers. This return has been prepared in such a way that it will reconcile all the information of outward and inward supplies made during the year and which was submitted in the monthly/quarterly returns.

It will consolidate all the information and data with respect to the transactions incurred by a registered taxpayer in whole year.

2. Who is required to file Annual Return GSTR-9

All the Registered taxable persons are required to file Annual Return in form GSTR-9 except following categories of taxpayers:

i. Casual Taxable Person
ii. Input Service Distributors
iii. Non-Resident Taxable Persons
iv. Persons required to pay TDS under Section 51 of GST Act

3. What are all different returns under GSTR-9 Form

Four types of Returns under GSTR-9 are as follows:

i. GSTR-9: GSTR-9 is to be filed by the regular taxpayers who are required to file GSTR1, GSTR2, GSTR3.
ii. GSTR-9A: Composition dealer are required to file there annual return in Form GSTR-9A
iii. GSTR-9B: E -Commerce operatorw who have filed GSTR-8 as there return are required to file the annual return in form GSTR-9B
iv. GSTR-9C: All the registered taxable persons whose aggregate turnover in the financial year was above 2 crore are required to file the annual return in form GSTR-9C, moreover all these taxpayers are also required to get their accounts audited and need to file the copy of audited annual accounts and reconciliation statement of tax paid and tax payable as per the audited annual accounts along with annual return GSTR-9C.

4. What is the deadline for filing GSTR-9

GSTR-9 is to be mandatorily filed on or before 31st December of the subsequent financial year.

For example, GSTR-9 for the Fy 2017-18 is to be filed on or before 31st December, 2018.

As per the press release dated 7th December, 2018, the due date for filing of Annual Return under GST in GSTR-9A has been extended till 31st March, 2019

5. Is there any penalty for delayed filing of annual return GSTR-9

Not filing GSTR-9 within the prescribed time limit will attract penalty of Rs. 100 per day per act upto maximum of an amount 25% of the taxable turnover in the state or union territory.

For Example Rs. 100 per day under CGST and Rs. 100 Per Day under SGST, Total per day penalty will be Rs. 200 per day of default. There is no late fee on IGST.

Benefits of 12AA and 80G in an NGO

 

The various benefits of section 12AA Registration are enumerated as below:

 

  1. The income applied for charitable or religious purpose will be considered as application of income i.e. expenditure incurred for charitable and religious purpose will be allowed while computing income of the trust.

 

  1. The benefit of accumulating or setting aside of income not exceeding 15% for charitable or religious purpose will be available.

 

  1. The accumulation of income, which is deemed as application of income as per section 11(2), shall not be included in the total income.

 

  1. NGO’s receives various grants from government and other agencies. They are eligible to get grants and financial funding from various agencies. These agencies generally make grants to 12AA registered NGO’s.

 

 

  1. Benefit in section 80G registration. NGO’s have to apply separately for section 80G registration.

Note:

It is important here to note that when registration u/s 12AA is granted , it does not mean that section 80G approval is also given i.e. registration under section 12AA will not provide automatic approval under section 80G. Section 80G only applies to charitable trusts or institution. It does not apply to religious trusts or institutions. Hence, the application for grant of license u/s 80G is to be given separately.

 

  1. Finance Act, 2014 has extended the benefits of registration for prior years as well. These benefits have been extended to the trusts or institutions where the registration has been granted under section 12AA.

 

  1. Registration under section 12AA is one-time registration. Once the NGO registered U/s 12AA it need to get its renewal, the benefits of the section will be available for lifetime of the trust or institution unless its canceled.

 

  1. NGO can attract donations from the potential Donors, as the Donor can claim exemption U/s 80G Income tax Act for the donation made to 80G registered NGO. NGO can avail Grants or Funds from Govt./Abroad/other Agencies.

 

  1. The income received will be exempt from taxation to the extent its been applied for charitable purpose in India.

Compounding of Offences under Companies Act, 2013

Section 441 of Companies Act, 2013 deals with compounding with offences, in this article we will discuss the provisions for compounding of offences under Companies Act, 2013:

 

Firstly we will discuss the term offence

 

The term offence has been defined in General Clauses Act, 1897 section 3(38) : The term offence means any act or omission made punishable by any law for the time being inforce.

 

In todays world its very essential to comply with the provisions of various laws applicable to one’s business. There are laws, the non compliances of which may result in heavy penalties and or imprisonment.

 

As far as the corporate world is concerned offences of the corporates are divided in to two categories civil and criminal, further classification has been done into compoundable and non compoundable offences.

 

The compounding of offence is a mean to avoid the litigation in the event of an offence.

 

There are various benefits of compounding of offences as compared to the litigation:

 

  1. The litigation procedure is time consuming as compared to the procedure followed for compounding.

 

  1. The litigation procedure is more expensive on the other part in case of compounding of offences the accused can be discharged on payment of composition fee which shall not be more than the maximum fine leviable under the relevant provision of the act.

 

  1. In the litigation procedure one has to appear before the magistrate in every hearing through an advocate.

 

The offences which are punishable with fine can only be compounded under section 441 of the Companies Act, 2013, in other words the offences which are punishable imprisonment or fine and imprisonment both can not be compounded under the provisions of this act.

 

Authority for Compounding of Offences

 

  1. If the fine for which the compounding application is to be filed does not exceed Rs. 5 Lakhs, the application for compounding of offence can be filed with Regional Director or any other officer as may be prescribed by the central government from time to time.

 

  1. If the fine exceeds Rs. 5 Lakhs the compounding of offence must be done by National Company Law Tribunal (NCLT)

 

  1. If the offence is punishable with imprisonment only or with fine and imprisonment the same shall be compounded with the permission of a special court.

 

Restriction on compounding of offences under Companies Act, 2013

 

As per the third proviso to sub section (1) of section 441 , following companies are restricted from compounding their offences:

 

  1. In case the investigation has been initiated or is pending against the company, the company.

 

  1. If the similar offence has been compounded by the company and three years has not passed.

 

  1. Any offence which is punishable with imprisonment or both fine and imprisonment.

 

How to make an Application for compounding of offences under Companies Act, 2013.

 

Sub Section 3(a) of Section 441 of Companies Act, 2013 has laid down the procedure for making an application for compounding of offence: According to which every application for compounding of offences shall be made addressing to the Registrar of Companies which shall forward the same along with his comments to the Regional Director of NCLT as may be applicable for the purpose of adjudication.

 

 

 

 

 

Latest Penal Provisions for non filing of Annual Return and Financial Statement with Registrar of Companies

 

There are various privileges that has been provided to a company upon its registration, but a company registered under Companies Act, 2013 has certain obligation also, which has to be complied with within the time stipulated under the Act, defaulting which may lead to the hazardous consequences.

 

Today we will discuss the consequences of non filing of financial statement and Annual Return of the company with the registrar of companies in form AOC-4 and MGT-7 respectively.

By saying the Latest penal provisions it is clear that the penalties payable under the act for default in complying with the provisions applicable has been revised to a great extent.

From  1st July, 2018 significantly higher penalties will be payable on the same default.

 

Table of delay and consequencial penalties has been shown below:

Period of Delay Proposed Penalty
Upto 15 days (sections 93,139 and 157) Upto Rs.3000
More than 15 days and upto 30 days (Sections 93, 139 and 157) and upto 30 days in remaining forms. Upto Rs.6000
More than 30 days and upto 60 days Upto Rs.12000
More than 60 days and upto 90 days Upto Rs.18000
More than 90 days and upto 180 days Upto Rs.36000
More than 180 days and upto 270 days Upto Rs.54,000
Delay beyond 270 days Rs. 100 per day per form

 

 

Hence, all the Stakeholders who are holding stakes in the Companies are advised to hereby go through the new penal provisions before making a default in complying with the aforesaid provisions.

Therefore, having a penalty for Rs. 200 per day for two forms for more than one year can easily go into lakhs which Is a significantly higher amount.

Other notable  provisions

As per section 403 of the Companies Act, 2013 with additional fee, the company shall be punishable with fine which shall not be less than ₹50,000/- but which may extend to ₹5,00,000/- and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than ₹50,000/- but which may extend to ₹5,00,000/-, or may be both

Concept of Producer Company in India

In order to provide a complete view on the process of registration of a Producer Company in India, we will today discuss all the statutory requirements and provisions related to registration of a producer company in India.

According to Company Law, a producer company is a company engaged in any activity connected or related with primary produce, hence in order to recognise whether a company is producer company or not we need to look if acitivities are going on in that company or not:

Production, Harvesting, Procurement, Grading, Pooling, Handling, Marketing, selling, Export of primary produce of the members or import of goods or services for their members.

Further , the primary object of a producer company must be dealing of the produce of their active members and its allowed to carry on the following activities by itself or through other entities on behalf of its members.

1. Processing which includes preserving, drying, distilling, brewing, vinting, canning and packing of the products of its members.
2. Manufacture, sale or supply of machinery, equipment or consumables to its members mainly.
3. Providing of education on the mutual assistance principles to its members and others.
4. Rendering of Consultancy, technical support, training, research and development and all other activities for the benefit of its members.
5. Generating, transmitting and distributing power, revitalisation of land and water resources, their use, conservation and communication related to primary produce of its members.
6. Insurance of producers and their primary produce.
7. Promoting mutual techniques and assistance.
8. Welfare measures or facilities for the benefit of the members.
9. Any other incidental activity which may promote the principles of mutuality and mutual assistance amongst the members in any manner.
10. Financing and providing credit facilities to its members.

Now lets discuss the procedure for registration of Producer Company in India:

Members of the producer Company:

In order to register a producer company in India any combination of following members are required:

1. Ten or more individuals (Each of them must be producer)
2. Two or more institutions engaged in producing.
3. A combination of ten or more individuals and producer institutions

The procedure of registration of a producer company is similar to that of a Private Limited Company.

The first Step for the registration of a producer company is obtaining of DIN and Digital Signatures of proposed directors.

First the digital signatures and Din is ready, an application can be made to the registrar of companies for the reservation of name.
It must be noted here that the name of the producer company must end with the words “Producer Limited Company”, it shall under no circumstances become of deemed to become a public limited company.

On filing the prescribed documents for registration if the registrar is satisfied with the documents and information provided by the company, it shall issue a certificate of registration of producer company.

The functions of a producer company is similar to that of a private limited company subject to certain provisions.

Unlike a private limited company a producer company does not have any limitation on the number of members.

For more information regarding Producer Company Contact us:

https://www.casanchar.com/contact-us.php

Recent Amendments under GST

26th October, 2018

1. Due date of filing GST ITC 04 has been extended till 31st December, 2018 for the period of July 2017 to September 2018

2. Final return in Form GSTR-10 is required to be furnished by all taxpayers till 31st December, 2018 whose registration has been cancelled by the concerned officer on or before 30th September, 2018.

21st October, 2018

1. GSTR-3B for the month of September 2018 has been extended till 25th October, 2018

28th September, 2018

30th Meeting of the GST cousil held on 28th September, 2018 through video conference.

13th September, 2018

1. TDS and TCS provisions under GST regime will be applicable with effect from 1st October, 2018

2. Form GSTR-9C has been release and due date for the same will be notified later.

10th September, 2018

1. Due date for GSTR-3B for the months of July 2017 to November 2018 extended till 31st December for newly migrated taxpayers, due date for other taxpayers remains unchanged.

2. GSTR-1 Due date extension with resepect to taxpayers having annual turonver above Rs. 1.5 Crores in previous financial year or current financial year

i. In case of regular taxpayers : For the months from July 2017 to September 2018 extended till 31st October, 2018.
ii. In case of newly migrated taxpyaers : For the months from July 2017 to November 2018 extended till 31st December, 2018

3. GSTR-1 due date extension with respect to taxpayers having annual turnover upto Rs. 1.5 Crores in previous financial year or current financial year

i. In case of Regular Taxpayers

a. For the quarter July-Sept 2017 : Due date extended till 31st October, 2018
b. For the quarter Oct-Dec 2017 : Due date extended till 31st October, 2018
c. For the quarter Jan-March 2018 : Due date extended till 31st October, 2018
d. For the quarter April-June 2018 : Due date extended till 31st October, 2018
e. For the quarter July-Sept 2018 : Due date extended till 31st October, 2018
f. For the quarter Oct-Dec 2018 : Due date extended till 31st January, 2019
g. For the quarter Jan-March 2018 : Due date extended till 30th April, 2019

ii. In case of newly migrated taxpayers for all quarters pertaining to tax period from July 2017 to September 2018 due date extended till 31st December, 2018

iii. For the flood affected regious of Kerala, Kodagu and Mahe above due dates mentioned in point a to g except for the quarter July 2018 to September 2018 extended till 15th November, 2018.

Due dates of form TRANS-1 and TRANS-2

Due dates for TRANS-1 and TRANS-2 has been extended till 31st March, 2019 and 30th April, 2019 respectively for the taxpayers who could not comply with the deadlines due to technical glitches.

4th September, 2018

1. Taxpayers who have filed their consent for opting out of the composition scheme between 2nd March to 31st March 2018 has been given time limit till 3rd October, 2018 to declare their ITC claim in form GST ITC-01.

2. Time limit for filing of GST ITC-04 for the period from July 2017 to June 2018 has been extended till 30th September, 2018.

3. Formats of GSTR-9 and GSTR-9A released.

4. Late filing fee for the following forms waived off

a. GSTR-3B for the month of October 2017 submitted but not filed.
b. GSTR-4 filed within due date but late fee charged mistakenly for the period October to December 2017.
c. Late fee paid by input service distributor for filing GSTR-6 for the period between 1st January 2018 to 23rd January 2018.

21st August, 2018

Due date for filing form GSTR-3B for the month July 2018 extended till 24th August, 2018

6th August, 2018

Reverse charge Mechanism in case of supplies made by unregistered persons to registered persons and TDS and TCS provisions deffered till 30th September, 2019.

4th August 2018

In 29th GST Counsil Meet , Incentives for on digital payments got a green flag.

30th July 2018

Due date of GSTR-6 extended till 30th September, 2018 for the months July, 2017 to August, 2018.

E-Way Bill

E-Way Bill

1. Understanding E-way Bill

E-way bill is an electronic bill which is required to moove the goods of more than Rs.50,000/- or more in a vehicle, the goods can not be moved in such a case without an e-way bill. An E-way bill can be generated on the web portal of the E-way bill or with the help of an sms or through the android app and it can also be cancelled with the help of the three means.

2. When E-way bill required to be issued

An E-way bill is required to be generated when the value of goods moved in a vehicle is of more than Rs.50,000/- either through one invoice or through the aggregate of all invoices.

i. In case a supply takes place
ii. In case of return of goods
iii. In case of inward supplied made from unregistered persons.

For the purpose of an E-way bill supply means;

i. Supply of goods made for a consideration in the course of business
ii. Supply made for a consideration which is not in the course of business
iii. Supply made without consideration which generally means:

a. Branch transfers
b. Barter/Exchange

In the following cases the E-way bill must be generated even if the value of the consignment is not more than Rs.50,000/-

i. Inter State movement of goods by the principal to the job worker.
ii. Inter State movement of handicraft goods by a dealer exempted from GSt registration.

3. Who will be resonsible to generate the E-way bill

i. Registered person : A Registered person is required to generate an E-way bill when there is a movement of Goods of value more than Rs. 50,000/-, the transportor or the registered person may also opt for the generation of e-way bill for the movement of goods for a value of less than Rs. 50,000/-

ii. Unregisterd person : Unregistered persons are also required to comply with the E-way bill provisions, however if an unregistered person makes the supply to a registered person the later one will be responsible for the compliance of the provisions as if he is the supplier.

iii. Transporter : Transporters carrying the goods by road, rail, air etc. also required to generate the e-way bill if the supplier has not generated the same.

When a transporter is carrying multiple consignments he will be required to use form EWB-02 to generate a consolidated E-way bill, by providing the e-way bill numbers of each consignment.

4. Cases where the provisions of E-way bill not applicable

In the following cases there is no requirement of E-way bill even if the value of supply is more than Rs.50,000/-

i. In case of transport of goods through non-motor vehicle

ii. Transport of goods from port, airport, air cargo complex or land customs station to Inland Container Depot (ICD) or Container Freight Station (CFS) for clearance by customs.

iii. Transport of Specified goods.

Note : In case where the distance between the consigner or consignee and the transporter is less than 10kms and the transport is within the state, Part-B of the e-way bill is not required to be filled.

5. Validity of E-way bill

An E-way bill is valid for :

i. One day if the distance is less than 100 kms
ii. Additional one day for every additional 100 kms or part thereof.

6. Documents required for the purpose of E-way bill generation
i. Invoice/Bill of Supply/Delivery Challan
ii.Transport by road-Transporter Id or vehicle number
iii. Transport by rail, air or ship-Transporter id, Transport document number and date on the document.

Recent Amendments in Income Tax Laws

In this article we will discuss the recent amendments which have been made applicable with effect from 1st April 2018:

 

  1. Basic Tax Exemption limit is Rs. 2,50,000/- for non Senior citizens. After that, up to 5 Lakh, Tax rate is 5%. Tax Rate of 5% is applicable from Financial Year 2017-18 and also applicable for Financial Year 2018-19.

 

  1. Payment of Rent – If the rent is paid which is not less than Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) – TDS @ 5% is required to be deducted

 

  1. Tax rebate under section 87A has been reduced to Rs. 2500 from Rs. 5000 per year for taxpayers with income up to Rs. 3,50,000 (earlier it was Rs. 5,00,000) with effect from financial year 2017-18.

 

  1. Limit for payment of expenses by cash (Both capital and revenue expenditure) has been reduced from Rs.. 20,000 to RS. 10,000 per day in aggregate per person.

 

  1. Section 269ST has been introduced according to which no Person shall receive an amount of two lakh rupees or more, by cash.

 

 

  1. Late fee of ,Rs.5,000 will be if the Income Tax return not filed within stipulated time for delay up to 31st December, and for delay beyond 31st December Rs.10,000 will be payable.

 

  1. Donation made exceeding Rs. 2,000 in cash will not be eligible for deduction under Section 80G. Hence donation exceeding Rs. 2,000 must be made in mode other than cash.

 

  1. Unquoted shares to be taxed at (deemed) fair value.

 

  1. Tax exemption will be available on  reinvestment of capital gains in notified redeemable bonds.

 

  1. In absence of PAN of the buyer of specified goods, the rate of  TCS will be twice of the existing  rate or 5% , whichever is higher.

 

  1. No Tax is applicable for partial withdrawals from National Pension System. NPS subscribers will be able to 25% of their contribution to corpus for emergencies before retirement. Withdrawal of 40% of the corpus is Tax free before retirement.

 

  1. Time period for revision of  Tax return has been reduced to 1 year from 2 years  from the end of relevant financial year or before completion of assessment,  whichever is earlier.

 

  1. In case of modification of object clause of Trust Registered u/s 12AA, approval from CIT must be obtained within 30 days.

 

  1. It has been made mandatory to disclose the Aadhar number while filing IT Return it was optional to quote Aadhar on Income Tax Return earlier.

 

  1. A simple one page tax return form is to be introduced for individual with taxable income up to Rs. 5 lakh (excluding Business Income ). Those filing returns for the first time in this category will generally not be subject to scrutiny.

 

  1. Capital gain in respect of  Land and Building period reduced from 3 years to 2 years and Base year shifted from 01/04/1981 to 01/014/2001.

 

  1. For below Rs. 2 crores turnover cases – For Non cash sales (through Digital, Online, Cheque, Bank etc.) : Net profit will be taken as 6% of Turnover/Gross Receipt. It is 8% for Cash Sales.

 

  1. Income Tax rate for companies having annual turnover of upto Rs. 50 Crores will be taxed at reduced rat of 25%. No change in firm tax rate of 30%.

 

 

GST DUE DATES

The Assessees who have enrolled from existing tax regime to GST or who have registered afreash in GST, its the time to file their first return under the new GST regime, as the department has notified the due date for the first GST return for the month of July, 2017 to be 20th August, 2017.

The GST network has started the facility of filing the GST returns in order to facilitate the users for smooth and timely filing of their returns.

The GST returns for the month of July and August will be filed on GST portal by filing Form GSTR 3B in which the tax payers will have to provide the consolidated return of the inward and outward supplies made during the said period.

The due date for filing GSTR 3B for the month of July is 20th August while for the month of August its due on 20th September.

As the GST department has given the relaxation for the return filing for the first two months of the GST implementation, here we will have a look at the GST return forms and due dates for the first two months of the GST implementation;

The department has given relaxation for the first two months of the return filing so that the tax payers shall get comfortable with the new tax regime.

Now we will discuss the GST return due dates for the subsequent months in the normal course of business:

GST Return July August
GSTR 3B 20th August 20th September
GSTR 1 1st Sept to 5th Sept 16th Sept to 20th Sept
GSTR 2 6th Sept to 10th Sept 21st Sept to 25th Sept
GSTR 3 11th Sept to 15th Sept 26th Sept to 30th Sept

 

 

 

 GST Return Form Details to be provided  Who needs to file Due date
GSTR-1 Details of outward Supplies Registered Supplier 10th of the next month
GSTR-2 Details of inward supplies Registered Recipient 15th of the next month
GSTR-3 Monthly Return Registered Taxable Person 20th of the next month
GSTR-4 Quarterly Return for Compounding Taxable Persons Composition Supplier 18th of the succeeding quarter
GSTR-5 Non Resident Taxable person return Non-Resident Taxable Person 20th of the next month
GSTR-6 Input Service Distributor Return Inpur Service Distributor 13th of the next month
GSTR-7 Return for TDS deductors TDS Deductor 10th of the next month
GSTR-8 Return for E-commerce operators E-commerce Operator 10th of the next month
GSTR-9 Annual Return Registered Taxable Person 31st December of the next financial year
GSTR-10 Final Return Taxable Person who have surrendered registration or cancelled Within three months of date of cancellation
GSTR-11 Inward supplies by person having UIN Person having UIN and claiming refund 28th of the succeeding month for which statement is filed

File Your GST Return Before 20th August 2017

 

The Assessees who have enrolled from existing tax regime to GST or who have registered afreash in GST, its the time to file their first return under the new GST regime, as the department has notified the due date for the first GST return for the month of July, 2017 to be 20th August, 2017.

 

The GST network has started the facility of filing the GST returns in order to facilitate the users for smooth and timely filing of their returns.

 

The GST returns for the month of July and August will be filed on GST portal by filing Form GSTR 3B in which the tax payers will have to provide the consolidated return of the inward and outward supplies made during the said period.

 

The due date for filing GSTR 3B for the month of July is 20th August while for the month of August its due on 20th September.

 

As the GST department has given the relaxation for the return filing for the first two months of the GST implementation, here we will have a look at the GST return forms and due dates for the first two months of the GST implementation;

 

Invoice under GST

 

Invoicing Rules have been set under GST which covers the details that should be written on the invoice including supplier’s name, shipping and billing address, place of supply, rate and HSN code. Lets talk all about invoicing under GST in this article.

Time limit for invoicing under GST

The GST law has defined the time limit under which one has to issue GST tax invoices, Debit and Credit notes and revised bills, have a look at the due dates for issuance of invoice under GST:

– In case of supply of goods the invoice should be raised on or before the date of removal/delivery of goods.
– In case of continues supply of goods the invoice should be raised on or before the date of issue of account statement/payment.
– In case of supply of services the invoice should be raised within 30 days of supply of services.
– In case of Banking and NBFC services the invoice should be raised within 45 days of supply of services.

Revise invoice under pre-gst regime

A taxable person can issue revised invoice under GST within one month from issuance of certificate of registration under GST. The revised invoice will be issued for the already issued invoices during the period of effective date of registration and date of issuance of registration certificate.

Bill of supply under GST

In case of tax invoice a taxable person is allowed to charge GST and pass on the credit, but in the instances where the supplier is not allowed to charge any tax and hence cannot issue a tax invoice, in that case another document called bill of supply is issued.

Aggregate invoice under GST

Where in case of value of supply is less than rs. 200 and the recipient is unregistered dealer, an aggregate invoice on daily basis can be issued.

Debit note

A supplier issues a debit note in either of the following situations:

– Where the taxable value in the original tax invoice issued is less than the actual taxable value.

– Where the tax charged in the original tax invoice issued is less than the actual tax to be paid.

Credit note

A Supplier issues a credit note in either of the following situations :

– Where the taxable value in the original tax invoice issued is more than the actual taxable value.

– Where the tax charged in the original tax invoice issued is more than the actual tax to be paid.

– where the receipient of goods returns to the supplier

– where the services rendered are found to be deficient

Now have a look at the mandatory fields that should be present in an GST compliant invoice:

1. Invoice number
2. Date of invoice
3. Shipping address as well as billing address
4. Taxpayers and the recievers GSTIN
5. Pleace of Supply
6. HSN/SAC code
7. Taxable Value
8. Rate and amount of SGST/CGST/IGST
9. Details of items, description, unit price and quantity.

What are the types of invoices under GST ?

Have a look at the all different types of invoices under GSt

– Sale Invoice
– Purchase Invoice
– Bill of Supply
– Credit notes
– Debit notes
– Advance receipts
– Refund Vouchers
– Delivery Challans (Only in case of supply on approval, supply of liquid gas, job work and other)