Under GST, various vouchers are issued. One such voucher is payment voucher. It is required to be issued when the goods or services are supplied under reverse charge mechanism (RCM). RCM is a mechanism in which the liability to pay tax falls on the receiver of goods or services in contrast to supplier of goods or provider of service. So, payment voucher is issued at the time of making payment to the supplier.
As per S. 31(3)(g) of the CGST Act, 2017, a registered person who is liable to pay tax under sub-section (3) or sub-section (4) of section 9 shall issue a payment voucher at the time of making payment to the supplier.
S. 9(3) of the CGST Act, 2017, provides for the specified categories of goods or services on which the tax shall be paid under RCM. S. 9(4) of the CGST Act, 2017, provides for the applicability of RCM when a registered person receives goods or services from an unregistered person.
So, when a registered person receives supplies from an unregistered person or of specified goods or service & is liable to pay tax under RCM then, the registered person is liable to issue a payment voucher instead of tax invoice at the time of making payment to the supplier.
Particulars to be mentioned in a payment voucher:
As per Rule 52 of the Central Goods and Service Tax Rules, 2017 following are the details/particulars which are required to be provided in payment voucher and the same are listed herein below –
(a) name, address and GSTIN of the supplier if registered;
(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 symbolized as ―-‖ and ―/‖ respectively, and any combination thereof, unique for a financial year;
(c) date of its issue;
(d) name, address and GSTIN of the recipient;
(e) description of goods or services;
(f) amount paid;
(g) rate of tax (central tax, State tax, integrated tax, Union territory tax or cess);
(h) amount of tax payable in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess);
(i) place of supply along with the name of State and its code, in case of a supply in the course of inter-State trade or commerce; and
(j) signature or digital signature of the supplier or his authorised representative.
FAQ issued by CBIC related to Payment voucher
What is a payment voucher? When is to be issued?
Ans. A payment voucher is a document evidencing payment of a certain sum of money to the supplier. Under GST, a registered person who is liable to pay tax under subsection (3) or subsection (4) of section 9 (i.e. where the recipient is liable to discharge GST on reverse charge basis) shall issue a payment voucher at the time of making payment to the supplier