Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

GST UPDATE ON ISSUANCE OF DEBIT NOTES AND CREDIT NOTES

Goods and Services Tax - GST - By: - Pradeep Jain - Dated:- 9-11-2017 - Section 34 of CGST Act 2017 prescribes provisions related to issuance of debit notes and credit notes. The sub-section (1) and (2) to this section reads as follows:- (1) 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 exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned b .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ber following the end of the financial year in which such supply was made, or the date of furnishing of the relevant annual return, whichever is earlier, and the tax liability shall be adjusted in such manner as may be prescribed: Provided that 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. The analysis of this section makes it clear that where a tax invoice has been issued again .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

issue the credit note, but once issued, its details are supposed to be filed by the supplier in the return. Further, section 34(3) & (4) of CGST Act prescribes the conditions related to issuance of debit notes. This section reads as follows:- (3) 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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

note shall include a supplementary invoice. The analysis of above makes it clear that debit note SHALL be issued by the SUPPLIER in the cases where the tax amount or taxable value charged on the invoice is found to be less than actual. Further, where the debit note is issued, the supplier shall declare the details of such debit note in the return for the month during which such debit note has been issued. The analysis of above provisions related to issuance of debit note or credit note makes it .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version