Revised invoice in GST
An overview of revised invoice in GST
In this post, we look at the revised invoice under GST, including when and how to issue it, as well as its format. etc. Let’s look at each section in more detail:
What is a revised invoice under GST?
When doing business, mistakes may happen with invoices issued under the Goods and Services Tax (GST), and adjustments may be required for a few invoices. In such circumstances, invoices must be rectified and reported in monthly returns, which is known as invoice rectification.
Fixing tax invoices can happen in a many ways: changing prices or GST rates can lead to a new invoice or adding to the original with a supplementary one. Prices of goods and services may fluctuate from time to time, or the government may adjust taxes such as GST. When invoice values reduces, we use a credit note; when the values increases, we use a supplementary invoice or debit note.
A Revised invoice is issued when someone is required to provide an invoice for goods sold before they are registered under GST
When to Issue a revised invoice under GST?
If you make a mistake in an invoice, you must correct it by making the right changes. Revising invoices means the process of correcting mistakes in invoices so that your monthly returns are properly reported.
Once you receive your GST registration certificate and GSTIN number, you must issue all invoices between the start of GST implementation and the day you receive your registration certificate.
How to Revise Invoices under GST?
If you make a mistake in an invoice, you must correct it by making the right changes. Revising invoices means the process of correcting mistakes in invoices so that your monthly returns are properly reported.
Once you receive your GST registration certificate and GSTIN number, you must issue all invoices between the start of GST implementation and the day you receive your registration certificate.
Format of Revised Invoice
The registered person must create new invoices for all invoices already issued during that period. They must include the information from the old invoice and utilise the format provided for the new one.
What are supplementary invoices and their uses?
If a taxable person discovers a mistake in a previously issued tax invoice, they issue a supplementary tax invoice, also known as a debit note. This occurs when the first invoice has an error, such as not charging enough tax or incorrectly valuing goods or services. To correct these mistakes, a supplemental invoice has been issued. The “Format of Revised Invoice” section outlines the details required for this invoice.
Difference between a revised invoice and a supplementary invoice
The differences between a revised invoice and a supplementary invoice are as follows:
|
Particulars |
Revised Invoice |
Supplementary Invoice |
|
Meaning |
A taxable person may provide a corrected invoice for an invoice that he has already issued before getting GST registration. |
A taxable person must provide a supplementary tax invoice if a mistake is discovered in a tax invoice previously issued by a taxable person. |
|
Period covered |
The period between the effective date of registration and the issuance of a Certificate of Registration. |
Not depending on the period, but invoice specific |
|
Issued to whom |
To both registered and unregistered persons. |
To both registered and unregistered taxable people. |
That concludes this blog post on revised invoice under GST; please leave a comment if you have any further questions or concerns.
FAQs
1.Who issues debit and credit notes?
Ans: Only registered suppliers can issue a debit or credit note under GST.
2.Is there a time limit for issuing credit or debit notes?
Ans: It is necessary to issue credit notes and debit notes by September 30 of the financial year after the year that the products or services were provided, whichever comes first.
3.What is the relationship between a debit or credit note and GST?
Ans: When a credit note or debit note is provided, it should be filed with the GST returns to adjust the tax liability.
4.Does the registered person who issues a debit or credit note have to declare it in his or her return?
Ans: Yes, the supplier must record the details of the credit or debit note in his or her return for the month in which they were issued.
