Debit and Credit note makes the filling of return more confusing.
1. How to report debit note in GSTR - 3B and credit note in GSTR-1?
2.How ITC has to be treated while issuing debit and credit notes?
Kindly give elaborative response.
Thanks in advance
Hlo, in GSTR 1 there is a tab for showing credit/debit note. You can provide the details there.
Credit note issued for lowering tax and debit note issued for higher in tax.
While filing return, In case of debit note, you have to add the tax to your taxable value and in case of credit note issue, you have to substrat from taxable value.
Impact of ITC will automatically cover in this procedure.
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