What is Receipt Voucher and When Should Receipt Voucher be Issued?
What should a taxpayer do when he receives money against Invoice already raised?
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 AAs 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
Format of Receipt Voucher –
The format of Receipt Voucher has been provided by the CGST Rules, 2017: