we have come up with this article in which you will get to know ‘How to revise the invoices in the GST?’ we will also learn about supplementary invoices as well as how to use them.Shiv Kumawat
Filing the GST (Goods and Services Tax) return Forms without any error is a bit difficult and revising it is much trickier. So, to help you out with this, we have come up with this article in which you will get to know ‘How to revise the invoices in the GST?’ we will also learn about supplementary invoices as well as how to use them.
For making taxation simpler, many changes have been made in the GST. It aims to have a free flow of ITC to the taxpayer, along with reporting of all the invoices on a monthly basis which are issued for a transaction. If the taxpayer carelessly does not submit the invoice in the monthly return then it will lead to cut off credit.
Therefore, invoices are a very important part of GST because it contains the date, HSN/SAC Codes, CGST, IGST, SGST amounts, the taxable value of the goods or services, and many more things. And all the mentioned details must be furnished in the monthly returns to know about the credit that has to be availed or the amount of tax that has to be paid.
There are chances that the wrong invoice can be issued or there is also a possibility that already issued invoice might need changes. For such cases, a revision is needed in the invoices. All the revisions must be made as per the monthly returns.
The taxpayer can make the changes in the tax invoices in many ways which include-
These are the cases by which a taxpayer can furnish the amendments in the issued invoice.
It might also happen that the invoice might need a complete revision which means that a “revised” invoice must be issued in this case.
In the GST law, the government has not yet defined the revised invoices separately. Right now, all the registered taxpayer have the provisional GSTN ID Number. After completing the necessary formalities, then the taxpayers will be given a formal registration number in the GST.
The taxpayer having the invoices from the roll-out of GST till they get the formal GST ID number, they must issue a ‘revised’ invoice mandatory. The invoice must be in terms of the GST and must be mandatory issued within 30 days from the date of the receipt of the original registration certificate.
From above, we can clearly conclude that a registered taxpayer cannot issue a revised invoice at any cost after getting the registration certificate. However, one must need a Gen GST billing software for small business to process such transactions with the department.
A supplementary invoice improves the flaws based on the original tax invoice in the GST. It is a possibility that the taxable value of the goods or services might not be mentioned in the original tax invoice due to which lee amount of tax will be charged or other such flaws.
In such cases, the supplier might furnish a supplementary invoice so that such incremental changes can be accommodated which can also include the debit or credit notes. Therefore, any inward or upward revisions can be used in the supplementary invoice.
Along with these changes, the taxpayer must also mention some particulars in the invoice. The GST law does not contain such predefined format but these points must be included in the paper or digital document. Given below are the particulars that must be mentioned mandatory-
Only with this supplementary invoice, the recipient can claim the extra ITC (input tax credit).
As per the Model GST law, section 2(35) read with section 24(1), a taxpayer can issue the credit note only if a tax invoice has been issued for goods and services supplies and the tax that is charged on the invoice is more than the tax that has to be paid on such supplies. A credit note must have the mentioned particulars.
Therefore, the credit note is like the accounting adjustment which adjusts the real value and tax amounts.
What is the Difference between revised and supplementary invoice?
The main difference between revised and supplementary invoice is the basis of the documents.
What is the Difference between Debit Note, Credit Note, and Revised Invoice?
You cannot revise the return in the GST reign. But the invoice can be changed via the supplementary invoice(amended invoice) or debit or credit notes.
The original invoice must be revised or supplemented within 30 days from receiving the original invoice.
It is mandatory to update the supplementary invoices in the GSTN portal on monthly returns. A consolidated invoice can be issued if the supply is inter-state and if the taxable value of the goods or services is less than two hundred and fifty thousand rupees. Total sales statement must be made to the end customers on the monthly returns.
Given below are some situations in which there is a need to raise the supplementary invoice-
It is possible for a normal accounting practice. But GST will not get affected by it. There will be an impact of the raised credit or debit notes done by the supplier. There is no rule in the GST for a debit note that has been raised by the recipient.
Note: Keeping all the above perspectives in the first place, SAG Infotech pvt ltd has designed the ‘Gen IT software’ which is a complete solution for handling all the income tax return related tasks and responsibilities.