Credit and debit notes adjust GST liability when invoiced value or tax differs from the proper amount. Registered suppliers may issue credit notes where invoiced value or tax exceeds the correct amount, goods are returned, supplies are deficient, or a ... Summary
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Credit and debit notes adjust GST liability when invoiced value or tax differs from the proper amount.
Registered suppliers may issue credit notes where invoiced value or tax exceeds the correct amount, goods are returned, supplies are deficient, or a specified post-supply discount is given. Credit notes must be reported within the prescribed time, and output tax liability cannot be reduced if attributable input tax credit remains unreversed or the tax incidence has been passed on. Debit notes are mandatory where invoiced value or tax is lower than the proper amount, and include supplementary invoices.
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