Debit note for differential tax payment

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..... Dear Sir, How to prepare debit note for differential tax payment of 10% (18% -28%) which suffice criteria w.r.t IRN generation, GSTR1 upload and entires in the books of accounts. Please guide. - Reply By Shilpi Jain - The Reply = Mention in the debit note the taxable value as per the invoice issued earlier. Mention the tax rate as 10% on this. While filing GSTR-1 you could have an issue .....

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..... in mentioning the 10% tax rate. There you could mention the original tax rate (i.e. 28%) but then you should edit the tax to match it to 10%. Also make the taxable value as 0.1 so that you would not have year end reco issues in GSTR-9C . Also suggested to make an intimation to to the dept regarding the transaction and the manner in which it has been disclosed in the returns since the portal do .....

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..... es not allow disclosing 10% tax value in the GSTR-1 - Reply By Nikhil Virkar - The Reply = Dear madam, invoice prepared with GST@ 10% would have issue while IRN i.e e-invoice generation. Request to suggest any other option. - Reply By Shilpi Jain - The Reply = It would be a peculiar issue where the portals do not allow assessee to comply with the law. You could issue the debit note in the I .....

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..... RP the manner in which it allows, then edit it while filing GSTR-1 . Also make an intimation to the department regarding the difficulty faced and the manner in which you have tackled the disclosure. This is the best I can think of in this situation. - Reply By Nikhil Virkar - The Reply = Thanks madam. Aligned with your views. Law provisions does not aligned with portal options and hence w .....

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..... e ourself need to find out the way within the boundaries of Law. No proper answer is also received from GSTIN helpdesk. - Debit note for differential tax payment - Query Started By: - Nikhil Virkar Dated:- 31-3-2022 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - t .....

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..... axmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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