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DEBIT/CREDIT related issue

Faheem Akram (802 Points)

04 March 2018

only supplier can be issued Debit or Credit Note???

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15 Replies

sudip sharma (article) (734 Points)
Replied 04 March 2018

yes supplier will issue debit or credit note. you can take it as supplementary tax invoice either to increase or decrease price along with tax.

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 04 March 2018

In GST point of view Yes, but as per accounting fundamentals yes u can pass debit or credit note in Ur books of accounts

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 04 March 2018

if suppose I am the recipient & wants to return the goods to my supplier in other state , now goods cannot be return on dilvery challan, or on CNT from supplier , it has to be return by authentic document which is DNT by recipient.

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 04 March 2018

& in GSTr 2a accept the CNT of supplier against Ur DNT of goods return

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RAJA P M ("Do the Right Thing...!!!") (127984 Points)
Replied 04 March 2018

Sorry for the different answer...

How to give Debit Note by supplier???
What is Debit Note and Credit Note???
Who can give the C/D note????

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RAJA P M ("Do the Right Thing...!!!") (127984 Points)
Replied 04 March 2018

Dear Faheem Akram.,

As per my view
In case any defect in the supplies,
First of Buyer will give Debit Note...
secondly Supplier can give Credit Note...

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RAJA P M ("Do the Right Thing...!!!") (127984 Points)
Replied 04 March 2018

In current scenario under GST GSTR 2 not available. So, Buyer will be show tax values in his GSTR 3B...
The seller show the Credit Note (after getting Debit note from Buyer) values in his GSTR 3B and GSTR 1....

After availability of GSTR 2 the buyer can be show the Debit Note details under GSTR 2...

2 Like

Kunal Lakhani (self employed) (36 Points)
Replied 04 March 2018

Any party adjustment then we can issue Debit, Cr note
example
I have to return goods which I had purchase from Mr Lalit Enterprises
then in my books I will make entry in book of accounts Lalit Enterprises Dr. and Purchase account Dr. then we issue debit note , if Lalit Enterprises has not charge fright but we had paid the amount to party with freight then we issue debit note to Lalit Enterprises the entry in books of accounts is freight dr. and Lalit Enterprises Cr.
hence if in our books party is in debit then we issue debit note other then Cr.. note

.

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Faheem Akram (802 Points)
Replied 04 March 2018

i m asking which imapct shown o GST Portal
as per my point of view Receipent only issue supplementpry Documnet, Suppier has right to issue all the Document
Suppose i have to returns my goods so i"ll issue Generally Dabit Note but my supplier issued Credit note which will accepted by me on portal...

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 04 March 2018

sir
actually it's return format which lead us to such confusion , As when all return form 1,2,3, will starts normally, every registered taxpayer has to first file the outward supply through Ur GSTR 1, ( in which u can't show Ur DNT of purch return), & Ur supplier will also file the his GSTr 1, in which he will show show that CNT of goods return, which will autopopulate in Ur GSTr 2a ,where u can accept it .
so once u have accepted the autopopulate CNT in GSTr 2a then no need to upload Ur DBT note.

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Faheem Akram (802 Points)
Replied 04 March 2018

Dear Pankaj Rawar,
Suppose my supplier dont file GSTR 1 so what will i have shown in my return?
Our Debit note or Fictitious Credit note on behafe pf supplier???

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 04 March 2018

That's what in my earlier reply u have to pass Ur debit note in books of account but in GST return u r going to accept the same( CNT from supplier) in Ur GSTr 2a

yes , if supplier miss to show that CNT then u can add that in Ur gstr2 , which will be get populate in GSTR1a of supplier