GST Invoice & Payment Voucher in Reverse Charge Mechanism of CGST Act

According to the Goods and Services Tax (GST) Act, 2017, all the assessees filing the GST returns Get to know the online procedure of filing GST return in India. Also, we provide each and every GST form according to the taxpayers and category. Read More and paying the liable taxes under the Reverse Charge Mechanism (RCM) as specified under Section 9 (3) and 9 (4) of the Central GST Act, 2017 are required to issue the required GST invoices and payment vouchers as stated under Section 31 (3E) and 31 (3F) of the same act respectively. The assessee is required to issue invoices as well as payment vouchers for all the payments made by the assessee during the period of 1st Oct 2018 to 31st January 2019 to any unregistered parties listed under Section 9 (4), advocates, arbitral tribunal, passenger vehicles, GTA, etc. The decision was taken after the study of cases under GST Scrutiny.

Scope of Payment Vouchers & GST Invoices

An assessee, registered under the GST Act, is required to liable to pay the taxes under the Reverse Charge Mechanism (RCM) under the following circumstances:

1. If the assessee deals in the products on which the return is to be filed under the Reverse Charge Mechanism under GST
2. If the assessee receives the products from a supplier who is not registered under the GST Act, 2017.

If the transaction is executed according to the above-stated ways, then the assessee is required to issue a GST (Goods and Service Tax) invoice and payment voucher under RCM for such transactions. Only the assessee who pays GST under RCM (Reverse Charge Mechanism) Get an easy guide to RCM (reverse charge mechanism) introduced in GST India same as VAT basis. Also, We covered the topic in all aspects along with systematic manner. Read Also is required to do so.

Definition of GST Payment Vouchers

Payment voucher is a kind of GST Invoice that is required to be issued by an assessee filing the taxes under the RCM. The payment invoice is nothing but a piece of mere evidence that the goods or services listed under the voucher are obtained by the registered assessee from the stated supplier.

Inclusions of the Payment Voucher Under GST

Details are Required to be Listed Under the Payment Voucher:

• Name and Address of the Supplier
• GSTIN (Goods and Services Tax Identification Number) of the supplier if he is registered under the GST Act 2017
• Unique Serial Number for each Financial Year (Different for Every Year)
• Date of Issue of the GST Payment Voucher
• Name, Address, and GSTIN of the Assessee
• Full details of the Goods or Services supplied
• Amount paid by the assessee for such supply
• Rates of State GST, Central GST, Integrated GST, Union-Territory GST and CESS as applicable
• Amounts of State GST, Central GST, Integrated GST, Union-Territory GST and CESS as paid by the assessee
• Place of Supply along with the name of the state
• Type of Supply (Whether interstate of intrastate or others)
• Signature (Physical or Digital) of the supplier and his legal representative

Read Also: Due Dates of GST Payment with Penalty Charges on Late Payment Check out due dates of payment under GST for general and composition taxpayers in India. We have included penalty charges on late payment with interest. Read More

All the assessments are suggested that they should issue the GST payment vouchers and invoices for all the transactions executed after July 2017, if he/she has not issued them till today.