TaxTMI 
TaxTMI 
Definitions of credit note
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....ects in goods supplied and returned to sender, or for overcharge in price. The term is also used for a note or document that confirms the availability of funds for future purchases (as when goods are paid for but later returned to the supplier)". A "sales credit note" is defined as - "Note sent from a seller to a buyer to cancel (partly or in total) a charge that has already been invoiced. The cre....
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.... value without paying for them". According to Black's Law Dictionary, Fifth Edition, - * "Credit Memorandum" is "a document used by a seller to inform a buyer that the buyer's account receivable is being credited (reduced) because of errors, returns, or allowances". Under the Goods and Services Tax Law - * It has been stated that after the invoice has been issued there could be situations wh....
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....ument to inform a buyer that the buyer's account is being credited because of errors, returns or allowances. On discharging his obligation under the warranty appended to a sale of an automobile, a dealer receives a credit note. This would be a receipt in the account of the dealer and a liability in the returns of the manufacturer which may ultimately enable the manufacturer to decrease his tax lia....