INPUT SERVICE DISTRIBUTOR: MEANING OF ISD UNDER GST
- Blog|GST & Customs|
- 3 Min Read
- By Taxmann
- Last Updated on 24 December, 2020
Who can receive credit from an ISD?
An ISD can distribute credit only to a unit which is a supplier of goods or services and has the same Permanent Account Number as that of the Input Service Distributor.
Registration of ISD:
ISD Invoice Format Under GST:
1. ISD Invoice has to be issued for distribution of ITC. ISD Credit note has to be issued for the reduction of credit in case of ITC already distributed. As per sub-rule (1) of rule 54, ISD invoice or credit issued by an ISD shall contain the following details: a. Name, address and GSTIN of the Input Service Distributor; b. Consecutive Serial number (Not exceeding 16 characters); Further • It can be in one or multiple series, • Containing alphabets or numerals or • Special characters hyphen or dash and • Slash symbolized as “-“ and “/” respectively, • Any combination thereof, unique for a financial year; c. Date of its issue; d. Name, address and GSTIN of the recipient to whom the credit is distributed; e. Amount of the credit distributed; f. Signature or digital signature of the ISD or his authorized representative 2. If ISD is an office of banking company Exception for Insurer, Banking or Financial Company or NBFC If supplier of taxable service is an insurer or a banking company or a financial institution, including a non-banking financial company, then; a. A tax invoice or any other document or by whatever name called can be issued; b. Whether issued or made available, physically or electronically c. Whether or not serially numbered, and d. Whether or not containing the address of the recipient of taxable service But containing other information as mentioned under rule 46.
Returns by ISD:
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