GST Tip – 230

As per the Tax Invoice, Credit and Debit Note Rules, released for GST on 18th May 2017, as per Rule 5 at the time of creation of receipt voucher, if the tax rate is not determinable, then the tax rate to be considered is 18%.

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GST Tip – 229

As per the Tax Invoice, Credit and Debit Note Rules, released for GST on 18th May 2017, the document issued like Tax Invoice, Bill of Supply, Receipt Voucher, Payment Voucher, Refund Voucher, Delivery Challan, Revised Tax Invoice, Debit / Credit Notes &  Tax Invoice in special cases should be unique for a financial year and the length should not exceed 16 characters.

GST Tip – 91

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.