Electronic Tax Invoice; Credit and Debit Notes

Flashcards related to the provisions of electronic tax invoices, credit, and debit notes under GST.

Tax Invoice

A commercial instrument issued by a supplier of goods/services to a recipient, identifying parties, listing goods/services, quantities, dates, prices, and payment terms.

Tax Invoice (Under GST)

The tax invoice referred to in section 31 of the CGST Act, 2017, mandating issuance for every supply of goods or services.

Credit Note

A document issued by a registered person under sub-section (1) of section 34 [Section 2(37)].

Debit Note

A document issued by a registered person under sub-section (3) of section 34 [Section 2(38)].

Continuous Supply of Goods

A supply of goods which is provided, or agreed to be provided, continuously or on recurrent basis under a contract whether or not by means of a wire, cable, pipeline or other conduit, and for which the supplier invoices the recipient on a regular or periodic basis and includes supply of such goods as the Government may specify.

Continuous Supply of Services

Supply of services which is provided, or agreed to be provided, continuously or on recurrent basis under a contract for a period exceeding 3 months with periodic payment obligations and includes supply of such services as the Government may specify

Document

Includes written or printed record of any sort and electronic record as defined in clause (t) of section 2 of the Information Technology Act, 2000 [Section 2(41)].

Exempt Supply

Supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax under section 11, or under section 6 of the Integrated Goods and Services Tax Act, and includes non-taxable supply [Section 2(47)].

Invoice or Tax Invoice

Means the tax invoice referred to in section 31 [Section 2(66)].

Quarter

Shall mean a period comprising three consecutive calendar months, ending on the last day of March, June, September and December of a calendar year [Section 2(92)].

Return

Means any return prescribed or otherwise required to be furnished by or under this Act or the rules made thereunder [Section 2(97)].

E-invoicing

Reporting of business to business (B2B) invoices to GST System for certain notified category of taxpayers.

Invoice Reference Number (IRN)

A unique number generated by the Invoice Registration Portal (IRP) after an invoice is reported, digitally signing it and returning the e-invoice to the supplier.

Invoice Registration Portal (IRP)

The website for uploading/reporting of invoices by the notified persons.

E-invoice Schema

A uniform standard format (containing specified fields) applicable for all the businesses across the country that dictates what particulars shall be reported in electronic format to the IRP; it is notified as Form GST INV-1.

Bill of Supply

A document issued instead of a tax invoice by a registered person supplying exempted goods or services or both, or a registered person paying tax under composition levy.

Receipt Voucher

A document issued by a registered person on receipt of advance payment with respect to any supply of goods or services or both, evidencing receipt of such payment.

Refund Voucher

A document issued when a receipt voucher has been issued for advanced payment, but subsequently no supply is made.

Delivery Challan

A document issued for the transportation of goods in specific cases where an invoice may not be required at the time of removal of goods.