As per the latest GST Returns, In Table 11 B of GSTR – 1, tax invoice issued during the return filing period will be shown for which advances have been received in the previous months. It will be grouped by rate wise for the interstate and intrastate supplies.
As per the Tax Invoice, Credit and Debit Note Rules, released for GST on 18th May 2017, on receipt of advance from customer for supply of goods or services or both under GST for future supply a receipt voucher is being issued by the recipient to account tax, if the same supply is not executed for some reason or other, the recipient has to return the money to the customer which is taken as advance and for this a new document has to be issued known as refund voucher along with the tax amount to the customer. The data elements to be shown on refund voucher are given in Rule 6.
As per the CGST Act, a receipt voucher can be issued for recording the receipt of advance from the customer under GST, as taxes are applicable on receipt of money under GST for the supply of goods and services.
After the Receipt of advance from the customer, the tax invoice issued by the supplier and the recipient or customer cannot take input tax credit from this tax invoice/receipt voucher. The input tax credit can be taken on the tax invoice issued for the supply of goods or services for the whole value of the supplies including the tax paid on the advance. The tax invoice issued during the supply of goods or services has to be reported in Table 12 of the GSTR – 1, along with the reference number issued during the receipt of advance.