Debit/credit note

[Rupali Malik]

If a seller A supplies goods to Buyer B

And now the goods are to be returned.

Are both parties liable to issue credit/Debit note respectively ??

AI Summary

Clarification on GST: Suppliers issue credit notes; buyers issue debit notes for returned goods. Follow Ganeshan Kalyani's procedure. A query was raised regarding the issuance of credit and debit notes under GST when goods are returned. It was clarified that the supplier should issue a credit note, while the buyer can issue a debit note. If the entire quantity is returned, it can be done on an invoice; otherwise, the settlement should follow the procedure mentioned by Ganeshan Kalyani.