Podcast
Questions and Answers
What is the GST TDS rate to be deducted when the purchase order value exceeds Rs.2.5 lacs?
What is the GST TDS rate to be deducted when the purchase order value exceeds Rs.2.5 lacs?
Which stores allocation code corresponds to purchases from Public Sector Undertakings?
Which stores allocation code corresponds to purchases from Public Sector Undertakings?
In the context of medical bills passing, what code is used for CGST?
In the context of medical bills passing, what code is used for CGST?
What is the R Note used for in the procurement process?
What is the R Note used for in the procurement process?
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Which penalty is NOT mentioned in the store allocations details?
Which penalty is NOT mentioned in the store allocations details?
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Which allocation code is specifically for Income Tax?
Which allocation code is specifically for Income Tax?
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What process occurs after receiving and accepting the supply on GeM?
What process occurs after receiving and accepting the supply on GeM?
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Which allocation code is related to Freight expenses?
Which allocation code is related to Freight expenses?
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What document is mandatory for payment to the firm upon acceptance of material?
What document is mandatory for payment to the firm upon acceptance of material?
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What is the maximum recovery limit for Liquidated Damages (LD) in supply contracts?
What is the maximum recovery limit for Liquidated Damages (LD) in supply contracts?
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Which online mechanism generates a unique bill registration number upon bill submission?
Which online mechanism generates a unique bill registration number upon bill submission?
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What information does the R note NOT contain?
What information does the R note NOT contain?
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Upon submission of a bill in IREPS, to which system is the bill pushed for registration?
Upon submission of a bill in IREPS, to which system is the bill pushed for registration?
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What is the rate of Liquidated Damages levied per week for delayed supplies?
What is the rate of Liquidated Damages levied per week for delayed supplies?
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What types of documents are firms required to upload for passing of bills?
What types of documents are firms required to upload for passing of bills?
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In what format must the Tax invoice uploaded by the firm be?
In what format must the Tax invoice uploaded by the firm be?
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What should a firm declare regarding benefits from tax rate changes and input tax credit?
What should a firm declare regarding benefits from tax rate changes and input tax credit?
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What is the threshold for aggregate turnover for e-invoice applicability?
What is the threshold for aggregate turnover for e-invoice applicability?
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What action does IPAS take if there is a mismatch in GSTR 2A data?
What action does IPAS take if there is a mismatch in GSTR 2A data?
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What must be verified regarding bank account details in a claim?
What must be verified regarding bank account details in a claim?
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Who issues the inspection certificate for materials submitted to the inspection agency?
Who issues the inspection certificate for materials submitted to the inspection agency?
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What must be submitted by the firm if freight is to be paid as per the purchase order?
What must be submitted by the firm if freight is to be paid as per the purchase order?
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What does the price variation clause (PVC) rely on?
What does the price variation clause (PVC) rely on?
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What happens if there is a statutory variation in taxes during the delivery period?
What happens if there is a statutory variation in taxes during the delivery period?
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Study Notes
Stores Bills - Stock & Non-Stock
- The online submission of stores bills is done through IREPS, IPAS, and iMMS.
- Bills are first submitted on IREPS which then pushes them to IPAS for registration and processing.
- IREPS generates a unique registration number for each bill.
- IPAS verifies the information of GSTR 2A submitted by the firm and can restrict bills with mismatches.
- The R note is a mandatory document for payment and is generated in iMMS or UDM.
- The R note must verify if material reception conforms to the purchase order or modified orders, including:
- Liquidated damages if delivery is delayed at a rate of 1/2% of the price per week, with a maximum of 10% of the delayed supply value.
- Tax invoice compliance and accuracy including HSN code, GST percentage, and classification of SGST, CGST, and IGST.
- Warranty/Guarantee certificate adherence to the purchase order.
- Compliance with the inspection certificate, especially for RITES and RDSO certificates which are auto-mapped.
- Freight documentation if applicable, as per the purchase order.
- Variation in taxes and duties calculated based on the statutory variation clause.
- Price variation clause based on the formula outlined in the purchase order, including notarized documentary evidence.
- Fund certification from the Budget section.
- Verification of bank account details aligned with the purchase order.
- Compliance with bank guarantees (BG) and Fixed Deposit Receipts (FDR) as stipulated in the purchase order.
- Deductions and recoveries include:
- Security deposit (SD) as per purchase order.
- Warranty rejections.
- 2% GST TDS deductions for orders exceeding Rs. 2.5 lacs, except PSUs and government MSMEs.
- 0.1% tax under section 194Q.
- Penalties like liquidated damages, general damages, and risk purchase.
- Recoveries like wharfage, testing charges, and inspection charges.
Stores Allocations
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For Stock Bills:
- Imported stores purchased in India: 207121 08
- Purchases from cottage and small-scale industries: 207122 08
- Purchases from Public Sector Undertakings: 207123 08
- Purchases from other Railways: 207124 08
- Purchases from other Govt Depts: 207125 08
- Khadi Purchases: 207126 08
- Local Purchases made out of imprest: 207127 08
- Others: 207128 08
- CGST: 207128 63
- SGST: 207128 64
- IGST: 207128 66
- Freight: 120671 99
- TDS: 008445 44
- Income Tax: 000021 12
- Liquidated Damages: 207183 08
- Wharfage: 120672 99
- Warranty Rejection: 008446 04
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For Medical Bills:
- Basic Price: 110231 28
- CGST: 110231 72
- SGST: 110231 73
- IGST: 110231 75
- IT: 000021 12
- TDS: 008445 44
- Liquidated Damages: 930652 00
GeM Bills
- Mandatory for common use goods and services available on GeM platform.
- POs placed on GeM through the stores department.
- A coverage PO is generated in iMMS for both Stock and Non-stock items based on data received from GeM.
- CRAC details (Consignee's Receipt and Acceptance Certificate) and bill data are received from GeM in iMMS.
- Data is pushed to IPAS for payment, along with a copy of the invoice.
- R Note is generated in iMMS for accounting of material.
- Payments are made through IPAS and the payment data is pushed to iMMS which then updates GeM records.
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Description
This quiz covers the online submission process of stores bills through IREPS, IPAS, and iMMS. Participants will learn about the registration, verification procedures, and mandatory documentation required for payment. Key focus is on compliance with purchase orders and tax regulations.
