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of <h1>Understanding Credit & Debit Notes Under Section 34 of J&K GST Act: Issuance, Declaration, and Tax Adjustments Explained.</h1> Section 34 of the Jammu and Kashmir Goods and Services Tax Act, 2017, addresses the issuance of credit and debit notes. A registered supplier can issue a credit note if the taxable value or tax charged exceeds what is payable, or if goods are returned or found deficient. The credit note must be declared in the return for the month it is issued, with adjustments made accordingly, but no reduction in tax liability is allowed if the tax burden has been transferred to another party. Conversely, if the taxable value or tax charged is less than payable, a debit note must be issued and declared, with tax liability adjusted as prescribed.
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