Credit and debit notes: issuance and return declaration rules determine timing and adjustment of GST liabilities. Section 34 permits suppliers to issue credit notes where invoices overstate taxable value or tax, goods are returned, or supplies are deficient; such credit notes must be declared in the return for the month issued but no later than the September following the financial year of supply or upon filing the annual return, and adjustments are made as prescribed except where tax and interest have been passed to another person. Where invoices understate taxable value or tax, suppliers must issue debit notes (including supplementary invoices) and declare them in the return for the month of issue with prescribed adjustments to tax liability.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Credit and debit notes: issuance and return declaration rules determine timing and adjustment of GST liabilities.
Section 34 permits suppliers to issue credit notes where invoices overstate taxable value or tax, goods are returned, or supplies are deficient; such credit notes must be declared in the return for the month issued but no later than the September following the financial year of supply or upon filing the annual return, and adjustments are made as prescribed except where tax and interest have been passed to another person. Where invoices understate taxable value or tax, suppliers must issue debit notes (including supplementary invoices) and declare them in the return for the month of issue with prescribed adjustments to tax liability.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
