Credit and debit notes allow suppliers to adjust GST liability where invoice value or tax charged differs from actual liability. When a tax invoice overstates taxable value or tax, or goods are returned or deficient, the supplier may issue a credit note and must declare it in the return for the month issued but not later than the September after the financial year or the annual return date; tax liability is adjusted as prescribed and cannot be reduced if tax incidence was passed to another person. Where a tax invoice understates taxable value or tax, the supplier must issue a debit note, declare it in the return for the month issued, and adjust tax liability as prescribed; 'debit note' includes a supplementary invoice.
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 allow suppliers to adjust GST liability where invoice value or tax charged differs from actual liability.
When a tax invoice overstates taxable value or tax, or goods are returned or deficient, the supplier may issue a credit note and must declare it in the return for the month issued but not later than the September after the financial year or the annual return date; tax liability is adjusted as prescribed and cannot be reduced if tax incidence was passed to another person. Where a tax invoice understates taxable value or tax, the supplier must issue a debit note, declare it in the return for the month issued, and adjust tax liability as prescribed; "debit note" includes a supplementary invoice.
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 
