Page 40 - Plastics News June 2017
P. 40
FEATURES
FEATURES
Manner of Issuing ‘Tax Invoice’
Number of copies of invoice to be issued under GST
Original Copy Duplicate Copy Triplicate Copy
(Original for (Duplicate for (Triplicate for
Recipient) Transporter) Supplier)
• Tax Invoice to accompany every movement of goods which are regarded as ‘Supply’
under the GST Law
Goods • In addition to tax invoice, every movement of goods of consignment value exceeding
INR 50,000 to accompany e-Way Bill in FORM GST INS-1. The e-Way Bill has to be
generated electronically on the common portal, either by the Consignor / Consignee /
Transporter.
• Duplicate copy of tax invoice is not required to be physically carried by the transporter
if the supplier has obtained ‘Invoice Reference Number’ from Common Portal by
uploading a ‘tax invoice’ issued in FORM GST INV-1, and produce the same for
verification by proper officer in lieu of tax invoice. This reference number has a validity
of 30 days from the date of uploading
The Serial Number of the invoices issued during the tax period has to be monthly furnished
in GSTR-1
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Transition into GST
Tax Credit Inventory
Cenvat credit balances Goods lying in stock
Registrations Goods at job-worker
ITC balances
Capital Goods credit Goods in transit
Goods return
Long term contracts
No duplication of Litigations, Refunds, Price revision
taxes Assessments, Audits
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