Procedure for Issuing Receipt under GST

A receipt is a written acknowledgment of having received a specified amount of money or goods. However, the term issuing receipt mostly pertains to issuing a written acknowledgment on having received a specified amount of money, sometime before the issue of invoice. In this article, we look at the procedure for issuing receipt under GST in detail.

Receipt Format under GST

The procedure for issuing invoice, receipt, credit and debit notes is laid out in the GST Rules. As per the GST Rules, a receipt must contain the following information:

• Name, address and GSTIN of the supplier;
• A consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters -hyphen or dash and slash symbolised as “-” and “/”respectively, and any combination thereof, unique for a financial year;
• Date of its issue;
• Name, address and GSTIN or UIN, if the recipient is registered;
• Description of goods or services to be delivered;
• Amount of advance taken;
• Rate of tax (central tax, State tax, integrated tax, Union territory tax or cess);
• Amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess);
• Place of supply along with the name of State and its code, in case of a supply in the course of inter-State trade or commerce;
• Whether the tax is payable on reverse charge basis; and
• Signature or digital signature of the supplier or his authorized representative.

GST Taxes on Receipt

The issuer of invoice is required to ascertain the amount of GST taxes payable on the transaction, collect and remit the same with the Government. If in any case, the rate of tax is not determinable, the tax should be paid at the rate of eighteen per cent. In case the place of supply is not determinable, the transaction should be treated as inter-State supply.

Learn about various aspects of GST in India.

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