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Credit and Debit Notes under GST-Section 34

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Credit and Debit Notes-Section 34

Credit Notes-It can be issued in the following circumstances:

-Taxable value charged in respect of supply in the original invoice is found to be excessive

– Tax charged in the original invoice is found to be excessive

-Goods supplied are returned by the recipient

-Goods or services or both supplied are found to be deficient

To be issued by who-Supplier of goods or services

Timeline for Disclosure or Declaration of Credit Notes in Return-It shall be declared by the supplier in the return for the month during which such credit note has been issued but not later than September following the end of the financial year in which supply was made or the date of furnishing of the relevant annual return, whichever is earlier.

Debit Notes- It can be issued in the following circumstances:

-Taxable value charged in respect of supply in the original invoice is found to be less

– Tax charged in the original invoice is found to be less

To be issued by who-Supplier of goods or services

Timeline for Disclosure or Declaration of Debit Notes in Return-It shall be declared by the supplier in the return for the month during which such debit note has been issued.

Note-The expression “debit note” includes supplementary invoice

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