credit note and debit note
Query (Issue) Started By: – Ramakrishnan Seshadri Dated:- 11-9-2017 Last Reply Date:- 12-9-2017 Goods and Services Tax – GST
Got 6 Replies
GST
Dear Sir,
Good Morning to all experts
We request your clarification on raising debit notes and credit notes under GST regime.
Debit Note:-
We receive parts from our suppliers. On some supplies there is some shortage of parts. In this stage how we have to take into account and whether we have to raise debit note for shortage and based on our debit note our supplier will raise credit note. Is this correct or not. Same is for part rejections also.
Who has to upload the details in the gst returns for this shortage /rejections either us or the supplier.
Reques
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rged 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 a credit note containing such particulars as may be prescribed." The details to be given in the credit note are given in rule 53 (1) of CGST Rules, 2017. The details of credit notes issued shall be given under Column 9 of GSTR-1. The details are to be uploaded by the registered person who issues credit/Debit note.
According to Section 34 (2) of CGST Act, 2017 " any registered person who issues a credit
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supplied such goods or services or both, shall issue to the recipient a debit note containing such particulars as may be prescribed." The details to be given in the debit note are given in rule 53 (1) of CGST Rules, 2017. The details of debit notes issued shall be given under Column 9 of GSTR-1
Section 34 (4) of CGST Act, 2017 stipulates that " any registered 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."
Reply By KASTURI SETHI:
The Reply:
Dear Querist,
Either you may issue debit note or your
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