fbpx
+91-8512-022-044 help@finodha.in

Claim your TDS Refund before it EXPIRE in

Day(s)

:

Hour(s)

:

Minute(s)

:

Second(s)

ITR Filing Starts Only

GST Return Filing Starts Only

Rule 49 of the CGST Rules, 2017.

by | Aug 3, 2024 | GST, Central Goods and Services Tax Rules, 2017, Rules | 0 comments

Rule 49 of the CGST Rules 2017 Bill of supply.

Consult an Expert: ITR Filing, GST Reg. & Pvt. Ltd. Registration

12 + 10 =

Call @ +91-8512-022-044

Important Keywords: Rule 49 of the CGST Rules 2017, Bill of Supply, Section 25.

Words: 1,049; Read time: 6 minutes.

Rule 49 of the Central Goods and Services Tax Rules, 2017: Bill of supply.

A bill of supply referred to in clause(c) of sub-section (3) of section 31 shall be issued by the supplier containing the following details, 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) Harmonised System of Nomenclature Code for goods or services;

(f) description of goods or services or both;

(g) value of supply of goods or services or both taking into account discount or abatement, if any; and

(h) signature or digital signature of the supplier or his authorised representative:

Provided that the provisos to rule 46 shall, mutatis mutandis, apply to the bill of supply issued under this rule:

Provided further that any tax invoice or any other similar document issued under any other Act for the time being in force in respect of any non-taxable supply shall be treated as a bill of supply for the purposes of the Act.

1[Provided also that the signature or digital signature of the supplier or his authorised representative shall not be required in the case of issuance of an electronic bill of supply in accordance with the provisions of the Information Technology Act, 2000 (21 of 2000).]

2[Provided also that the Government may, by notification, on the recommendations of the Council, and subject to such conditions and restrictions as mentioned therein, specify that the bill of supply shall have Quick Response (QR) code.]

1. Inserted vide Notification No. 74/2018-CT dated 31.12.2018

2. Inserted (w.e.f. 01.04.2020 by Notification No. 71/2019-C.T., dated 13-12-2019) vide Notification No. 31/2019 – CT dated 28.06.2019.

Frequently Asked Questions

  1. What is Rule 49 of the CGST Rules 2017?

    Rule 49 of the CGST Rules 2017 outlines the provisions regarding the issuance of a bill of supply, which is a document provided by a supplier in certain circumstances, primarily when they are not required to issue a tax invoice.

  2. When should a bill of supply be issued according to Rule 49 of the CGST Rules 2017?

    A bill of supply must be issued when a registered person provides exempt supplies or when the supplier is a composition dealer, as specified under the provisions of the GST regime.

  3. What are the key components of a bill of supply under Rule 49 of the CGST Rules 2017?

    A bill of supply must include the name, address, and GSTIN of the supplier, the date of issue, a unique serial number, the details of the goods or services supplied, and the value of the supply, among other necessary particulars.

  4. Can a bill of supply be issued in lieu of a tax invoice?

    Yes, a bill of supply can be issued instead of a tax invoice when the supply is exempt or when the supplier is registered under the composition scheme, as per Rule 49 of the CGST Rules 2017.

  5. Is it mandatory to maintain a record of bills of supply issued under Rule 49 of the CGST Rules 2017?

    Yes, it is mandatory to maintain proper records of all bills of supply issued, as it is essential for compliance with GST regulations and for future audits.

  6. How does Rule 49 of the CGST Rules 2017 affect businesses?

    Rule 49 impacts businesses by determining the documentation required for exempt supplies and composition dealers, ensuring compliance with GST laws while simplifying record-keeping for eligible suppliers.

  7. What happens if a bill of supply is not issued when required under Rule 49 of the CGST Rules 2017?

    Failure to issue a bill of supply when required can lead to penalties and compliance issues, which may adversely affect the business’s standing with tax authorities.

  8. Are there any specific formats for issuing a bill of supply as per Rule 49 of the CGST Rules 2017?

    While Rule 49 does not prescribe a specific format, it mandates that the bill of supply must contain all necessary details as outlined in the rule to be valid and compliant.

  9. Can electronic bills of supply be issued under Rule 49 of the CGST Rules 2017?

    Yes, electronic bills of supply can be issued, provided they comply with the requirements laid out in Rule 49 and maintain the integrity and authenticity of the document.

  10. How can businesses ensure compliance with Rule 49 of the CGST Rules 2017 regarding bills of supply?

    Businesses can ensure compliance by familiarizing themselves with the provisions of Rule 49, maintaining accurate records, and regularly training their staff on GST documentation requirements to avoid errors.

Read More: Circular No. 213/07/2024-GST: Seeking clarity on taxability of re-imbursement of securities/shares as SOP/ESPP/RSU provided by a company to its employees.

Web Stories: Circular No. 213/07/2024-GST: Seeking clarity on taxability of re-imbursement of securities/shares as SOP/ESPP/RSU provided by a company to its employees.

Official Income Tax Return filing website: https://incometaxindia.gov.in/