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of <h1>Rule 45: Dealers Must Issue Credit or Debit Notes for Tax Discrepancies on Invoices Under VAT Act 2004</h1> Under the Delhi Value Added Tax Act, 2004, Rule 45 addresses the issuance of credit and debit notes. When a tax invoice is issued for a sale, and the tax amount on the invoice exceeds the actual tax payable, the dealer must issue a credit note to the purchaser. Conversely, if the actual tax payable exceeds the amount shown on the invoice, the dealer is required to issue a debit note. These notes must include specific prescribed details. This rule was amended in 2015 to clarify its application.
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