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TMI Blogcredit note and debit noteX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir, Good Morning to all experts We request your clarification on raising debit notes and credit notes under GST regime. Debit Note:- We receive parts from our suppliers. On some supplies there is some shortage of parts. In this stage how we have to take into account and whether we have to raise debit note for shortage and based on our debit note our supplier will raise credit note. Is th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is correct or not. Same is for part rejections also. Who has to upload the details in the gst returns for this shortage /rejections either us or the supplier. Request the experts to clarify this issue since it is very much confusing. Thanks Regards, S.Ramakrishnan - Reply By MARIAPPAN GOVINDARAJAN - The Reply = Take for example you have receive invoice for ₹ 1,00,000/- towards the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urchase If you received goods worth of ₹ 80,000/-; therefore ₹ 20,000/- is shortage In this scenario credit note may be raised, in my view, either by you or by the seller. Who issues the credit note has to upload in the GSTR 1 register. This is my view. Experts views are soliticited. - Reply By Rajagopalan Ranganathan - The Reply = Sir, Section 34 (1) of CGST Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2017 stipulates that 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 the recipient, or where goods or services or both supplied are found to be deficient, the registered person, who h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as supplied such goods or services or both, may issue to the recipient a credit note containing such particulars as may be prescribed. The details to be given in the credit note are given in rule 53 (1) of CGST Rules, 2017 . The details of credit notes issued shall be given under Column 9 of GSTR-1 . The details are to be uploaded by the registered person who issues credit/Debit note. Acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rding to Section 34 (2) of CGST Act, 2017 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant annual return, whichever is earlier, and the tax liability shall be adjusted in such manner as may be prescribed. Section 34 (3) of CGST Act, 2017 stipulates that 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 sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply, 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. The details to be given in the debit note are given in rule 53 (1) of CGST Rules, 2017. The details of debit notes issued shall be given under Column 9 of GSTR-1 Section 34 (4) of CGST Act, 2017 stipulates that any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Reply By KASTURI SETHI - The Reply = Dear Querist, Either you may issue debit note ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or your supplier may issue credit note. Invoice no. should be mentioned on debit/credit note. Also support the views of both experts. - Reply By Ganeshan Kalyani - The Reply = Credit note to be uploaded by the supplier only. - Reply By Himansu Sekhar - The Reply = Supplier will issue credit note and upload in gstr1. You will reverse the credit. Then his liability will reduce. Sec 34 may be ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred - Reply By Ganeshan Kalyani - The Reply = Since you are receiving lesser quantity. The input tax credit also you are supposed to claim lesser than the tax mentioned on the invoice. - credit note and debit note - Query Started By: - Ramakrishnan Seshadri Dated:- 11-9-2017 Goods and Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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