Debit And Credit Note
SunNy LakHani (12 Points)
04 August 2018
What's The Difference Between Debit And Credit Note
2 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 04 August 2018
A debit note should be issued by a supplier in the following circumstances:
- The taxable value shown in the invoice is lesser than the taxable value of the supply.
- The tax charged in the invoice is less than the tax payable on the supply.
A credit note can be issued by a supplier only in the following circumstances:
- The taxable value shown in the invoice exceeds the taxable value of the supply.
- The tax charged in the invoice exceeds the tax payable on the supply.
- The goods supplied are returned by the recipient.
- The goods/services are found to be deficient.
Vinod Babu
(24191 Points)
Replied 05 August 2018
Debit Note and Credit Note are used while the return of goods is made between two businesses.
Debit Note is issued by the purchaser, at the time of returning the goods to the vendor, and the vendor issues a Credit Note to inform that he/she has received the returned goods
Debit Note is issued by the purchaser, at the time of returning the goods to the vendor, and the vendor issues a Credit Note to inform that he/she has received the returned goods
Recent Topics
- CGST/SGST Classification
- SCN - Query related GST registration of Pvt Ltd.
- Utility for calculation of 180 days
- TDS rate on Software Services Individual/Company
- It return-Antony
- GST Portion in Purchase Order / Sale Order
- RCM on Specified Services received by Company
- How to show invoice in gst return of pure travel a
- 147 dismissed with 0 demand but with 271F penalty
- TDS U/S. 194-T i.e. Payments to Partners
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
