ALL ABOUT CREDIT / DEBIT NOTES

ALL ABOUT CREDIT / DEBIT NOTES

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ALL ABOUT CREDIT / DEBIT NOTES

 

Credit and Debit notes covered under section 34 of the CGST act

What is credit Note?

A credit Note is a document evidencing reduction in value of particular supply made earlier.

Every credit note has to be linked to an invoice issued earlier.

A credit Note enable a supplier to reduce his output tax liability in relation to the invoice issued earlier.

What is debit Note?

A Debit note is document evidencing enhancement in value of a particular supply made earlier. Every Debit note has to be linked to an invoice issued earlier.

A Debit note enables a recipient to take further ITC in relation to the invoice issued earlier.

What are the Contents of a revised tax invoice and credit or debit note

  1. The word ” Revised invoice ” wherever applicable,indicated prominently

  1. Name , address and GSTIN of the supplier

3.Nature of document

  1. A consecutive serial no

  1. Date of issue of document

  1. Name , address and GSTIN, if registered, of the recipient

  1. 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

  1. Serial no and Date of the corresponding tax invoice or as the case may be , bill of supply

  1. Value of taxable supply of goods or services,rate of tax and the amount of the tax credited or as the case may be , debit to the recipient

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