1) Debit Note and Credit Note what is the GST effect
2) Debit Note and Credit Note journal entry
Debit note issued by the supplier in case of increse in the value of supply. The recipient of supply can take the input tax credit of the amount of GST charged by the supplier.
Credit note issued by the supplier in case of decrese in the value of supply. The recipient of supply shall reduce the input tax credit to the extent of GST mentioned in the credit note.
Please note that the debit note or credit note issued by the recipient of supply has no relevance under GST.
Accouting entries
Debit note for supply of goods:
Inward supply of Goods A/c dr
GST input tax credit (CGST/SGST/IGST) A/cdr
To Supplier A/c
Credit note for supply of goods:
Supplier A/c
To Inward supply of goods A/c
To GST Input tax credit A/c
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