Receipt Voucher
A Receipt Voucher is a mandatory document under the Goods and Services Tax (GST) framework in India. It is issued by a registered supplier whenever they receive an advance payment from a customer before the actual supply of goods or services is made. It serves as official acknowledgement of the advance received.
Legal Basis
Receipt Vouchers are governed by Section 31(3)(d) of the CGST Act, 2017, read with Rule 50 of the CGST Rules, 2017. Every GST-registered business is legally required to issue a receipt voucher at the time of receiving advance payment — failure to do so can attract penalties.
What Must a Receipt Voucher Contain?
As per Rule 50 of the CGST Rules, a receipt voucher must include the following details:
- Name, address, and GSTIN of the supplier
- A consecutive serial number (unique for each financial year)
- Date of issue
- Name, address, and GSTIN (if registered) of the recipient
- Description of goods or services for which advance is received
- Amount of advance received
- Rate and amount of GST (CGST + SGST, or IGST) applicable
- Place of supply (for inter-state transactions)
- Whether the supply is subject to reverse charge
- Signature or digital signature of the supplier or their authorised representative
Important: If the applicable GST rate cannot be determined at the time of receiving the advance, the rate of 18% GST is charged as a default, as per GST rules.
When Is a Receipt Voucher Issued?
A receipt voucher is issued in scenarios such as:
- A client pays a booking advance for a service to be rendered next month
- A customer deposits a token amount for goods to be delivered at a future date
- A business receives a retainer fee before commencing work
Receipt Voucher vs. Tax Invoice
| Feature | Receipt Voucher | Tax Invoice |
|---|---|---|
| Issued when | Advance is received | Supply is completed |
| GST charged on | Advance amount | Full supply value |
| Adjustment | Tax credit available on final invoice | Final settlement |
Once the actual supply takes place, the supplier issues a Tax Invoice and adjusts the GST already paid via the receipt voucher against the tax on the final invoice.
What If the Supply Does Not Take Place?
If the advance is received but the supply is ultimately not made, the supplier must issue a Refund Voucher to the buyer. This cancels the receipt voucher and enables the refund of the GST collected on the advance.
A receipt voucher is not the same as a simple payment receipt. It is a legal GST document that creates a tax liability for the supplier at the time of receiving the advance.