What is Payment Voucher in GST and when is it issued
What is Payment Voucher in GST?
Payment voucher is a document which evidences for the transaction which has taken place or in the other words can be said as proof of monetary transaction. It can be used in several various ways in a business. The CGST Act,2017, provides for the issue of payment voucher vide section 31(3)(g).
The said section required that the payment voucher in GST Act shall be issued when the person who is liable to pay tax under reverse charge is making the payment to the supplier.
Provision for Payment Voucher under CGST Act?
Section 31(3)(g) which provides for the payment voucher reads as follows:
a registered person who is liable to pay tax under sub-section (3) or sub-section (4) of section 9 shall issue a payment voucher at the time of making payment to the supplier
So, the section clearly says that if any person is making payment to the supplier under reverse charge mechanism, he shall issue payment voucher at the time of making payment.
What are all particulars to be included in Payment Voucher?
- name, address and Goods and Services Tax Identification Number of the supplier if registered;
- 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 Goods and Services Tax Identification Number of the recipient;
- description of goods or services;
- amount paid;
- rate of tax (central tax, State tax, integrated tax, Union territory tax or cess);
- amount of tax payable 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; and
- signature or digital signature of the supplier or his authorised representative.
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