Credit and debit notes adjust supplier tax liability and impose time limited reporting obligations for invoice corrections.

Where an issued tax invoice overstates taxable value or tax, goods are returned, or supplies are deficient, the supplier may issue a credit note and must declare it in the return for the month of issue but not later than the specified latest filing, with tax liability adjusted as prescribed; reduction of output tax by a credit note is not permitted if the tax incidence and interest have been passed to another person. Conversely, if an invoice understates taxable value or tax, the supplier must issue a debit note (including a supplementary invoice) and declare it in the return for the month of issue, with tax liability adjusted as prescribed.

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