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Revised Tax Invoice

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Shubham

student

73 Points Posted on 29 May 2020

When i become liable for registration and apply within time i need to issue revised tax invoices to all supplies during period of becoming liable to obtaining registration within one month.
So does that mean i should start collecting the tax from the day i became liable without being able to issue tax invoice as i have to pay it when revised tax invoice is issued?

Replies (5)

Quick Summary

If you become liable for tax registration and apply within the deadline, you must issue revised tax invoices for all supplies made between becoming liable and obtaining registration. This means you should start collecting tax from the day you become liable, even before you can issue the formal invoice. You then pay this collected tax to the government, and your customers can claim Input Tax Credit (ITC) on these revised invoices.

Himanshi Garg

Ca Article

354 Points Posted on 29 May 2020

An assessee is required to obtain registration within 30 Days from date he become liable for getting registered. But due to some procedural time lags the date on which assessee becomes liable for registration and the date on which Registration is actually granted to him is different. So he is required to issue Revised Tax Invoices against all the supplies made during this time period.

It clearly means that from the day you become liable to regsiter, you should collect tax from your recipients and pay to the government and your recipients would also be eligible to get ITC on your Revised Invoices.

Thanks