Understanding Credit and Debit Notes: Section 34 of Bihar GST Act 2017 Explained for Suppliers and Tax Adjustments
Section 34 of the Bihar Goods and Services Tax Act, 2017, addresses the issuance of credit and debit notes. A registered supplier may issue a credit note if the taxable value or tax charged exceeds what is payable, goods are returned, or services are deficient. The credit note must be declared in the monthly return by September of the following financial year. Debit notes are issued when the taxable value or tax charged is less than payable and must also be declared in the monthly return. Adjustments to tax liability are prescribed, with restrictions on reducing output tax liability if passed to another party.
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