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of <h1>Understanding Credit and Debit Notes Under Section 34 of the UP GST Act 2017: Key Compliance Rules Explained</h1> Section 34 of the Uttar Pradesh 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 the payable amount, goods are returned, or services are deficient. The credit note must be declared in the monthly return by September following the financial year of supply. Debit notes are issued when the taxable value or tax is less than payable, and must be declared in the monthly return. Tax liability adjustments are prescribed, with restrictions on reducing output tax liability if the tax burden has been transferred.
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