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<h1>Credit and debit notes: rules for issuing, declaring and adjusting GST when invoices overstate or understate tax.</h1> Suppliers may issue credit notes where invoices overstate taxable value or tax, goods are returned, or supplies are deficient; credit notes must be declared in the return for the month issued but not later than the thirtieth day of November following the end of the financial year or by the annual return date, and output tax reduction is restricted if related input tax credit is not reversed or tax incidence is passed on. Suppliers must issue debit notes where invoices understate taxable value or tax, declare them in the return for the month issued, and adjust tax liability as prescribed; 'debit note' includes a supplementary invoice.
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