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of <h1>Section 34 GST Act: Rules for Credit & Debit Notes on Overstated or Understated Tax; Report by September.</h1> Section 34 of the West Bengal Goods and Services Tax Act, 2017, addresses the issuance of credit and debit notes. If a tax invoice overstates the taxable value or tax, or if goods are returned or found deficient, the supplier may issue a credit note. This must be reported in the monthly return by September of the following financial year. Conversely, if a tax invoice understates the taxable value or tax, a debit note must be issued and declared in the relevant monthly return. Adjustments to tax liability follow prescribed regulations, with specific provisions for passing on tax incidence.
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