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What is a Receipt Voucher in GST?

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What is a Receipt Voucher?

On receipt of advance payment with respect to any supply of goods or services or both, a registered person shall issue a Receipt Voucher evidencing receipt of such payment.

For example, Mr. X entered into an agreement with Y to supply some goods worth Rs 50 lakh. X received an advance payment of Rs 20 lakhs from Y before the supply of goods. In the instant case, X will have to issue a Receipt Voucher of Rs 20 lakh.

Exceptions

Where at the time of receipt of advance,

  • rate of tax is not determinable - tax shall be paid at the rate of 18%.
  • nature of supply is not determinable - same shall be treated as inter-State supply.

Components of Receipt Voucher as per CGST rules

As per rule 50 of CGST rules, 2017, a receipt voucher must contain the following particulars:

  1. Name, address and GSTIN of the supplier;
  2. A consecutive serial number not exceeding 16 characters, in one or multiple series, containing alphabets or numerals or special characters -hyphen or dash and slash and any combination thereof, unique for a FY
  3. Date of its issue;
  4. Name, address and GSTIN or UIN, if registered, of the recipient;
  5. Description of goods or services;
  6. Amount of advance taken;
  7. Rate of tax (central tax, State tax, integrated tax, Union territory tax or cess);
  8. Amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess);
  9. 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;
  10. Whether the tax is payable on reverse charge basis; and
  11. Signature/digital signature of supplier/his authorized representative

Format of Receipt Voucher in GST

 

Receipt Voucher Format in GST


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CA Anand Singh

CA Anand Singh

I am a practising Chartered Accountant with 6 years of experience in Direct and Indirect Taxation, FEMA, Corporate Law and Audit etc.