Rule 53 of CGST Rules 2017- Revised Tax Invoice and Credit Or Debit Notes

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  • Last Updated on 28 June, 2021

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As per Rule 53 of the Central Goods and Services Rules, 2017, below are the provisions for the revised tax invoices and credit or debit notes:
 
A revised tax invoice as referred to section 31 and or credit or debit notes in section 34 should consists of particulars like the word ” Revised Invoice”, wherever applicable, the name, address and GSTIN number of the supplier, the nature of the document, a consecutive serial number which should not exceed more than 16 characters (alphanumeric with special characters like hyphen or dash or slash) and must be unique for a financial year, the date of issue of the document, the name, address and GSTIN or Unique Identity Number of the registered entities, name and address of the recipient and his address of delivery along with his name of State and its code, serial number and date of the corresponding tax invoice for bill of supply, the value of taxable supply goods and or services, the rate of tax applied and the amount  of tax that is credited or debited to the recipient, the signature of the supplier or any other authorized person.
 
Any invoice or debit note issued in pursuance of any kind of tax payable in accordance with the provision of section 74 or section 129 or section 130 should prominently contain the words “INPUT TAX CREDIT NOT ADMISSIBLE”.
 

Time Limit for issuance of such a tax invoice:

As per Rule 47 of the CGST Rules, a taxable supply of service must issue the invoice within a time of 30 days from the date of supply of services. In case the supplier of services is an insurer or banking company or any financial institution, including a non-banking financial company, then this period increased to 45 days from the date of supply of service.
 
In case of insurer or banking company or a financial institution including non-banking financial company or a telecom operator, making taxable supplies of the services between the distinct person as specified in Section 25, may issue the invoice before or at the time when such a supplier records the same in his book of accounts and or before the expiry of quarter during which the supply was made.

Procedure of issuing such an invoice:

As per Rule 48 of the CGST Rules, the invoice must be prepared in triplicate copies for supply of goods. The original copy must be marked as ORIGINAL FOR RECIPIENT. The second copy must be marked as DUPLICATE FOR TRANSPORTER and third copy must be marked as TRIPLICATE FOR SUPPPLIER. The invoices must be prepared in duplicate in case of supply of services. The original copy must be marked as ORIGINAL FOR RECIPIENT. The second copy must be marked as DUPLICATE FOR SUPPLIER. The serial number of invoices issued during the tax period shall be furnished electronically through a common portal in FORM GSTR-1.

 
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