What is Refund Voucher and When
should Refund Voucher Should be Issued:
Once an advance payment has been made and a
receipt voucher has also been issued, there may be situations wherein the
supply is subsequently not made and the amount of advance is to be refunded
back. There could be multiple situations. One is that no tax invoice is issued
till then. In that case, the advance taken can be refunded and a refund voucher
need to be issued in such cases. However, if tax invoice has already been
issued, credit note will have to be issued in order to square off the
transaction.Where, on receipt of advance payment with respect to any supply of
goods or services or both the registered person issues a receipt voucher, but
subsequently no supply is made and no tax invoice is issued in pursuance
thereof, the said registered person may issue to the person who had made the
payment, a refund voucher against such payment;
Content
of Refund Voucher
A refund voucher
shall contain the following particulars, namely:-
(a) name,
address and Goods and Services Tax Identification Number of the supplier;
(b) a
consecutive serial number not exceeding sixteen characters, in one or multiple
series, containing alphabets or numerals or special characters-hyphen or dash
and slash symbolised as "-'' and "/" respectively, and
any combination thereof, unique for a financial year;
(c) date of its
issue;
(d) name,
address and Goods and Services Tax Identification Number or Unique Identity
Number, if registered, of the recipient;
(e) number and
date of receipt voucher issued in accordance with the provisions of rule 50;
(f) description
of goods or services in respect of which refund is made;
(g) amount of
refund made;
(h) rate of tax
(central tax, State tax, integrated tax, Union territory tax or cess);
(i) amount of
tax paid in respect of such goods or services (central tax, State tax,
integrated tax, Union territory tax or cess);
(j) whether the
tax is payable on reverse charge basis; and
Disclaimer:
All the Information is based on the notification, circular and order issued by
the Govt. authority and judgement
delivered by the court or the authority information is strictly for educational
purposes and on the basis of our best
understanding of laws & not binding on anyone.
