Payment Voucher (GST)
Definition
A document a recipient issues when paying a supplier under the reverse-charge mechanism, recording the payment on which the recipient is itself liable to pay GST. It supports the recipient's reverse-charge tax entry.
Related Terms in India GST
Receipt Voucher (GST)
A document issued when a supplier receives an advance payment for a supply that has not yet been made. It records the advance and the GST treatment that applies at the time of receipt.
GST Refund
A claim to recover GST where credit or cash has accumulated that cannot be used — commonly on exports, supplies to SEZs, or an inverted duty structure. Refund claims are filed online and are subject to verification and time limits.
Inverted Duty Structure
A situation where the GST rate on a business's inputs is higher than the rate on its finished output, causing input tax credit to pile up. The rules allow a refund of the accumulated credit arising from such an inverted structure, subject to conditions.
Provisional ITC
Input tax credit a buyer claimed before the corresponding invoice was reflected in their auto-drafted statement. Rule changes have progressively tightened this, so credit is now largely restricted to invoices actually appearing in GSTR-2B.
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