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of <h1>Model GST Law 2016: Issuing Credit/Debit Notes to Adjust Taxable Value by September 30 or Annual Return Date.</h1> Section 24 of the Model GST Law, 2016, addresses the issuance of credit and debit notes. A credit note can be issued when the tax invoice's taxable value or tax exceeds the actual payable amount, provided the tax incidence hasn't been transferred to another party. Conversely, a debit note is required when the invoice's taxable value or tax is less than payable. These notes must be issued by September 30 following the financial year of the supply or by the annual return filing date, whichever is earlier. Registered persons must declare these notes in their returns within the specified timeframe, adjusting tax liabilities accordingly.
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