Which record is to be issued while making progress?
On accepting a progress request, a provider should issue a Receipt Voucher to the individual paying for the progress. Note that the provider is at risk of paying an assessment on the progress made under GST. Thus, the duty relevant to the propeller sum ought to appear in the receipt voucher. Duty ought to be computed at the rate applicable to the products, as well as any additional rates. Benefits for which the progress is gained, regardless of whether the beneficiary is intrastate or interstate. The expense charged will be CGST + SGST (for intrastate transactions) or IGST (for interstate transactions).
Essential points of interest to be covered in a proper receipt voucher under GST
- Provider’s name, address, and GSTIN
- A serial number of the receipt voucher, not surpassing 16 characters, containing letters in order or numerals or uncommon characters, hyphen (- ) or slash (/). It must be one of a kind for a monetary year
- Date of issue
- on the off chance that the beneficiary is enrolled, the beneficiary’s name, address, and GSTIN or UID
- Depiction of the products or services
- The measure of progress taken
- Rate of expense (CGST, SGST, IGST, UTGST, or Cess)
- Measure of expense (CGST, SGST, IGST, UTGST, or Cess)
- on the off chance that the supply is interstate, the place of supply, alongside the state name, and the state code
- Regardless of whether the imposition is payable on inverted charge
- Signature or advanced mark of the provider or his approved agent
What to do in the event that you can’t decide if the supply is interstate or intrastate at the time of accepting the progress?
In this situation, the supply should be treated as an interstate supply.
How do you outfit subtle elements of advances under GST?
Subtle elements of advances for which a receipt has not been issued in the month ought to be furnished in Form GSTR-1.
