Section 34 – Credit and debit notes of CGST ACT, 2017<\/p>\n
34. (1) Where a tax invoice has been issued for supply of any goods or services or
\nboth and the taxable value or tax charged in that tax invoice is found to exceed the taxable
\nvalue or tax payable in respect of such supply, or where the goods supplied are returned by
\nthe recipient, or where goods or services or both supplied are found to be deficient, the
\nregistered person, who has supplied such goods or services or both, may issue to the
\nrecipient a credit note containing such particulars as may be prescribed.<\/p>\n
(2) Any registered person who issues a credit note in relation to a supply of goods or
\nservices or both shall declare the details of such credit note in the return for the month during
\nwhich such credit note has been issued but not later than September following the end of the
\nfinancial year in which such supply was made, or the date of furnishing of the relevant
\nannual return, whichever is earlier, and the tax liability shall be adjusted in such manner as
\nmay be prescribed:
\nProvided that no reduction in output tax liability of the supplier shall be permitted, if
\nthe incidence of tax and interest on such supply has been passed on to any other person.
\n(3) Where a tax invoice has been issued for supply of any goods or services or both
\nand the taxable value or tax charged in that tax invoice is found to be less than the taxable
\nvalue or tax payable in respect of such supply, the registered person, who has supplied such
\ngoods or services or both, shall issue to the recipient a debit note containing such particulars
\nas may be prescribed.
\n(4) Any registered person who issues a debit note in relation to a supply of goods or
\nservices or both shall declare the details of such debit note in the return for the month during
\nwhich such debit note has been issued and the tax liability shall be adjusted in such manner
\nas may be prescribed.
\nExplanation.\u2013\u2013For the purposes of this Act, the expression \u201cdebit note\u201d shall include
\na supplementary invoice.<\/p>\n","protected":false},"excerpt":{"rendered":"
Section 34 – Credit and debit notes of CGST ACT, 2017 34. (1) Where a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, … Continue reading “Section 34 – Credit and debit notes of CGST ACT, 2017”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,1],"tags":[],"_links":{"self":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/191"}],"collection":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/comments?post=191"}],"version-history":[{"count":1,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/191\/revisions"}],"predecessor-version":[{"id":192,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/191\/revisions\/192"}],"wp:attachment":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/media?parent=191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/categories?post=191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/tags?post=191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}