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The taxpayer is required to issue a Receipt Voucher. Also when a registered person receives an advance, the registered person is required to issue a receipt voucher.
This voucher is the proof that payment has been received. A supplier of services is also required to calculate GST on the advance received and pay it to the government. Note: A supplier of goods is not required to pay GST on advances. For example – Mr. A entered into a contract with B to supply some services worth Rs 20 lakh. GST applicable to these services is 18%. An advance of Rs 10 lakh is given by B to A As advance is received by Mr. A, he will have to issue a Receipt Voucher of Rs 10 lakh. A will also have to pay GST as follows:
Total GST Payable – Rs 10 lakh X 18% = Rs 152542 100% + 18%
Amount of CGST @ 9% = Rs 76271
Amount of SGST @ 9% = Rs 76271
The format of Receipt Voucher has been provided by the CGST Rules, 2017:
A receipt voucher can be generated on ClearTax GST software. ClearTax GST makes sure that the Receipt Voucher is generated as per format specified by the government.