Credit and debit notes, Section 34 of CGST Act, 2017

 

Sec 34 of CGST Act, 2017 Credit and debit notes

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The below post explains about Credit and debit notes under section 34 of CGST Act,2017.

Section 34 of CGST Act, 2017 explains Credit and debit notes as below: (The amendments if any will also be updated here soon).

The extract of Section 34 of CGST Act,2017 quoted below:

34  Credit and debit notes

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, or where the goods supplied are returned by

Credit and debit notes, Section 34 of CGST Act, 2017the recipient, or where goods or services or both supplied are found to be deficient, the

registered person, who has supplied such goods or services or both, may issue to the

recipient a credit note containing such particulars as may be prescribed.
(2) Any registered person who issues a credit note in relation to a supply of goods or

services or both shall declare the details of such credit note 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 such supply was made, or the date of furnishing of the relevant

annual return, whichever is earlier, and the tax liability shall be adjusted in such manner as

may be prescribed:

Provided that no reduction in output tax liability of the supplier shall be permitted, if

the incidence of tax and interest on such supply has been passed on to any other person.

(3) 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 be less than the taxable

value or tax payable in respect of such supply, the registered person, who has supplied such

goods or services or both, shall issue to the recipient a debit note containing such particulars

as may be prescribed.

(4) Any registered person who issues a debit note in relation to a supply of goods or

services or both shall declare the details of such debit note in the return for the month during

which such debit note has been issued and the tax liability shall be adjusted in such manner

as may be prescribed.

Explanation.––For the purposes of this Act, the expression “debit note” shall include

a supplementary invoice.

The above information clarifies about Credit and debit notes under section 34 of CGST Act,2017.  

If you have any comments about Section 34 of CGST Act, 2017 explaining Credit and debit notes, share below your thoughts:

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Comments


surendra Yadlapalli: can i adjust output IGST payable for AUG 2017 using credit note to customer issued to customer on 30/08/2017 for with original sale invoice is relating to 30/04/2017 for which service tax paid in April service tax returns as a sale.

BHAVANA : I had purchase some carton boxes by paying gst @ 12%, but when i received bill i found that he charged more pcs of carton so i passed debit note against the bill. Now my question is when i pass the debit note entry should i reverse the gst also in tally entry. please help me in this.

SURAJ: maximum time period for sale/purchase return in GST.

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