GST Tip – 198

As per the Draft Input Tax Credit Rules, Input tax credit can be availed only the debit note issued by the supplier of  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. This means the recipient cannot issue a credit note under GST and adjust the tax for any of the above-said reasons.

 

 

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GST Tip – 180

As per the CGST Act, The time of supply for interest, late fee or penalty for delayed payment of any consideration is the date on which the payment is received by the supplier but not on the date on which the suppliers raises the debit note.

GST Tip – 85

In GSTR – 1 all credit notes/debit notes issued by the supplier to the recipient on account of the difference in tax rate or taxable value or goods returned by the recipient. The credit note should have the reference of the original tax invoice