Credit And Debit Notes under GST

(A)     Issuance Of Credit Note: Where a tax invoice has been issued for supply of any goods or services or both and

s           the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or

s           where the goods supplied are returned by the recipient, or

s           where goods or services or both supplied are found to be deficient,
the registered person, who has supplied such goods or services or both, may issue to the recipient a credit note containing such particulars as may be prescribed

(b)     Details of credit note in GST return: Any registered person who issues a credit note in relation to a supply of goods or services or both shall declare the details of such credit note in the return for the month during which such credit note has been issued. The time limit for declaration of credit note in return would be earliest of the following:

a.      Month in which credit note has been issued

b.   Return for the month of September following the end of financial year in which the supply is made.

c.      Date of filing relevant annual return

Under section 44 of the CGST Act, 2017, the due date of filing the annual return is 3 1st December of the year following the end of relevant financial year.

(c)      Incidence of tax: No reduction in output tax liability of the supplier shall be permitted, if the incidence of tax and interest on such supply has been passed on to any other person.

(d)     Issuance of debit note: Where a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to be less than the taxable value or tax payable in respect of such supply, the registered person, who has supplied such goods or services or both, shall issue to the recipient a debit note containing such particulars as may be prescribed.

(e)     Details of debit note in GST return: Any registred person who issues a debit note in relation to a supply of goods or services or both shall declare the details of such debit note in the return for the month during which such debit note has been issued and the tax liability shall be adjusted in such manner as may be prescribed.
Explanation.—For the purposes of this Act, the expression “debit note” shall
include a supplementary invoice.

(f)      When issuance of tax invoice is not required

A registered person may not issue a tax invoice

s           if the value of the goods or services or both supplied is less than two hundred rupees.

s           the recipient is not a registered person; and

s           the recipient does not require such invoice

In the above mentioned case a consolidated tax invoice for such supplies at the close of each day in respect of all such supplies shall be issued.

(g)     Transportation of goods without invoice:

Rules for Tax Invoice, credit and debit notes provide that in following situations goods can be transported on a delivery challan prepared in triplicate and same shall be declared in Form (Waybill):

s          Supply of liquid gas where the quantity at the time of removal from the place of business of supplier is not known,

s          transportation of goods for Job work,

s          transportation of goods reasons other than by way of supply,

s          such other supply a may be notified by the board.

E-way bill processes and requirements have been discussed in detail in Chapter 26 of the book.

(h)     Transportation of goods in a semi knocked down or completely knocked down condition:

Where the goods are being transported in a semi knocked down or completely knocked down condition:

s          the supplier shall issue the complete invoice before dispatch of first consignment;

s          the supplier shall issue a delivery challan for each of the subsequent consignments, giving reference of the invoice and consignment shall be accompanied with a duly certified copy of invoice;

s          the original copy of the invoice shall be sent along with last consignment.

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