This has reference to the Rule 48(4) of the CGST Rules, 2017 that requires certain taxpayers to prepare the invoice by including certain particulars contained in Form GST INV-01 (i.e tax Invoice) after obtaining an Invoice Reference Number (IRN) and QR Code by uploading information contained therein on the Common Goods and Services Tax Electronic Portal.
Furthermore, vide notification no. 13/2020 – Central Tax dated March 21, 2020 read with notification no. 61/2020 – Central tax dated July 30, 2020 it is prescribed that a registered person whose aggregate turnover in a financial year exceeds Five hundred (500) crores rupees, shall prepare an invoice, in terms of sub rule (4) of the Rule 48 of the CGST Rules, 2017 in respect of the supply of goods or services or both to a registered person.
In view of the above, every person to whom the above notification is applicable is required to incorporate additional field w.r.t IRN and QR Code along with the relevant information as required under GST Rules for issue of invoice.
Further, Members attention is drawn to Exchange notice 20170605-19 dated June 05, 2017 and 20181016-12 dated October 16, 2018 wherein the format of Contract Note Cum Tax Invoice has been prescribed in accordance with the Goods & Service Tax (GST) rules
In view of the above and based on the Members’ representations received, members are requested to note the following:
· Members shall have the option to send the contract note in combination with the tax invoice (Contract Note Cum Tax Invoice) or send the Contract Note and the tax invoice separately in accordance with their internal policy.
· Members opting to send “Contract Note Cum Tax Invoice” shall incorporate additional fields such as IRN and QR code in the existing format in accordance with Rule 48(4) of the CGST Rules, 2017 and 13/2020 – Central Tax dated March 21, 2020 read with notification no. 61/2020 – Central tax dated July 30, 2020. The revised format of Contract Note Cum Tax Invoice is enclosed as Annexure-A. Members are requested to follow IRN/QR code related guidelines, if any, prescribed by GST/CBDT/Any other relevant authority. QR code may be shown in the end or any other appropriate place in the contract note.
· Members opting to send the Contract Note and the tax invoice separately shall send the contract note in the format enclosed as Annexure-B.
The above guidelines are subject to the member following the practice consistently for a minimum period of 1 year and the practice not being changed in the intermediate period.
Members may issue Contract Note cum Tax Invoice (in compliance with the GST laws) or Contract Note without compromising with the contents of the Contract Note format by including additional relevant details to their clients.
Members need to ensure that Stamp Duty, Securities Transaction Tax, Commodities Transaction Tax and Goods & Service Tax (CGST, SGST, IGST,UTT) are mentioned separately in the contract note.
Members are requested to take note and comply with the same.
In case of any clarifications, Members may contact our below officials:
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Name of officials
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Contact No
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Email ID
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Prakash Ananthanarayanan
Tushar Shetty
Prashant Sindhwad
Ashwin Lalchandani
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022-22728895
022-22728217
022-22728460
022-22725185
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bse.inspection@bseindia.com
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For and On behalf of BSE Ltd.
Kiran Sawant
Asst. Gen. Manager
Brokers' Supervision |