Receipt Form

A Payment Receipt is a private document in which it is stated that the product or service has been paid in full or in part.
Since the payment receipt is made after the debtor has discharged his obligation, it operates as proof of discharge of the payment debt. This allows for a bipartite acknowledgement, i.e. between the creditor and the debtor, that the buyer or the person receiving the service is no longer liable. This document is therefore important to assert or oppose a debt of payment.

Receipts are an integral part of the daily life of any company, entrepreneur or individual. They allow to keep the proof that the company has paid for the product received or the service rendered. Thus, the invoices issued are marked with the mention “paid” to the accounting department thanks to these receipts. These receipts are therefore crucial for the company’s accounting. It is therefore important that the receipt you use is as complete and correct as possible.

In order to issue a receipt, certain criteria are required. Here is a list of items that must be included on your receipt:

A Payment Receipt is issued to a customer for the primary purpose of establishing for the customer proof of payment made on an invoice for a service or product.

While Payment Receipts may appear to be primarily for customers, they can also be useful to the issuing company in the case of a partial payment as they can serve as a payment reminder for any outstanding amount.

Finally, creating a Payment Receipt may seem like an extra, time-consuming step that you could be spending on more important aspects of running a business. In order to save time and to be sure of the conformity of the receipts you issue, Themis Partner offers you a payment receipt template in English. You can easily modify this receipt to suit your company’s specific needs.

Section 269 SU of the Finance (No. 2) Act, 2019 requires that any business entity, having a turnover, sales or gross receipts exceeding Rs. 50 crores (i.e. Rs. 500 million), shall mandatorily provide facilities for accepting payments through prescribed electronic modes. This implies that receipts can be electronic as well.

According to some Indian accounting and contractual regulations, for the electronic payment receipt to be valid, it is necessary :

1. The invoice must be issued as an XML file with a certified digital signature.

2. That the company is domiciled in India and has an annual turnover exceeding 500 million Rupees.

3. Finally, once the invoice is signed and paid, the payment receipt must be edited in PDF or other format, so that any further changes cannot be made or at least be traceable.

A copy of the invoice must be kept for accounting purposes.

Under Indian competition law, not issuing an invoice, payment slip or receipt for goods sold or services received is considered an unfair trade practice (Article 47, Section II, of the Consumer Protection Act, 2019). Furthermore, the invoice, payment slip or receipt also allows you to demand a refund or exchange in case of defective goods or deficient service within thirty days (Article 47, Section II, of the Consumer Protection Act, 2019).

It is therefore essential that your company can either provide this receipt to customers or request that it be completed from your suppliers. Thus, it does not matter whether the receipt is the original or a copy. Nevertheless, it is strongly recommended that you issue the receipt in duplicate, one for each party to the transaction. Always keep a copy of the original.