Debit & credit Notes -Issue & ITC

[Narendra Soni]

Dear Experts,

Kindly suggest :-

Whether Debit note & credit note can be issued by recipient of supplies OR can only be issued by Supplier only.

Whether ITC is available on both the Debit & Credit notes, and to whom ITC is available.

AI Summary

Experts Discuss Issuance of Debit and Credit Notes Under GST and Input Tax Credit Eligibility Rules A forum discussion on the issuance of debit and credit notes under GST and the availability of Input Tax Credit (ITC) was initiated by a participant. Experts clarified that both suppliers and recipients can issue debit and credit notes, as per the GST rules, though ITC is typically availed based on notes issued by suppliers. It was noted that registered taxable persons can claim ITC if their final products are taxable or zero-rated. The discussion also touched on the necessity for suppliers to adjust accounts when discrepancies in goods received occur. Participants expressed agreement with the shared insights.