Credit Note in GST [Section 34(1) & 34(2)]
Tax Invoice, Bill of Supply, Debit Notes, Credit Notes – GST Ready Reckoner
GST
Credit Note in GST
Meaning (as per Section 34 of CGST Act)
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 by the recipient, or 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 what is called as a credit note containing the prescribed particulars.
Time limit of declaration of Credit note (as per Section 34(2) of CGST Act)
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
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ontents of Credit Note
Contents of debit note/credit note specified in rule 53(1A) of CGST Rules
a) name, address and Goods and Services Tax Identification Number of the supplier;
b) nature of the document;
c) a consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as “-” and “/” respectively, and any combination thereof, unique for a financial year;
d) date of issue;
e) name, address and Goods and Services Tax Identification Number or Unique Identity Number, if registered, of the recipient;
f) name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is un-registered;
g) serial number and date of the corresponding tax invoice or, as the case may be, bill of supply;
h) value of taxable supply of goods or services, rate of tax and the amount of the tax credited to the recip
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ction of output tax liability in respect of outward supplies exceeds the corresponding reduction in the claim for input tax credit or the corresponding credit note is not declared by the recipient in his valid returns, the discrepancy shall be communicated to both such persons. Whereas, the duplication of claims for reduction in output tax liability shall be communicated to the supplier.
* The amount in respect of which any discrepancy is communicated and which is not rectified by the recipient in his valid return for the month in which discrepancy is communicated shall be added to the output tax liability of the supplier in his return for the month succeeding the month in which the discrepancy is communicated.
* The amount in respect of any reduction in output tax liability that is found to be on account of duplication of claims shall be added to the output tax liability of the supplier in his return for the month in which such duplication is communicated.
Circular to cla
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