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Doubt I need clarification please

25 February 2024

debit note and credit note

what is mean by debit note and credit note in GST and how to show in GST Returns filings

whether these would appear for supplier and also a buyer how it will applicable

Please I need clear explanation

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19 Replies

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 25 February 2024

Are asking as a supplier or customer...???

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MPR Sanjay Kumar (3100 Points)
Replied 25 February 2024

Both supplier and buyer how it practically works

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 25 February 2024

Better to ask any one of the view...
That's can be easy way to understand.

otherwise it's difficult to understand and it's make confusion...

MPR Sanjay Kumar (3100 Points)
Replied 25 February 2024

You are the better person sir plse explain

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 25 February 2024

In the GST, credit or debit note will be uploaded on portal only by the supplier.

Customer will claim ITC or reverse ITC in respect of such debit and credit note.

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MPR Sanjay Kumar (3100 Points)
Replied 25 February 2024

CA Rashmi Gandhi honourable mam, Hi thanks for your precious reply ....

Mam suppose

Mr.sanjay a Chartered Accountant he wants to file GSTR 1 for mr.moorthi a small scale grocery shop ....mr.moorthi unregistered person only local customer

give me a guidelines to how to file gstr1 for this small scale traders and where what are the items to make give me practical exam

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 25 February 2024

Unable to understand just ask me one by one query.

What I understood is that Mr. moorthi is registered dealer dealing with unregistered person

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MPR Sanjay Kumar (3100 Points)
Replied 25 February 2024

Honourable Rashmi Gandhi mam ,sorry..... Actually I wnat. to ask

supply a goods or supply for unregistered persons how to show in GST returns whether I have to give which value?

sabyasachi mukherjee (27117 Points)
Replied 25 February 2024

Debit and credit applies fir a buyer and seller.

prasad Nilugal ( GST Practitioner & Accounts ) (14546 Points)
Replied 25 February 2024

Debit Note & Credit Note under GST are issued as per the Section 34 of the CGST Act 2017 and rule 53 of the CGST rule 2017 . Under GST Law credit note & debit note issued only by the supplier are recognised.

reasons for credit note

1) The taxable value shown in the invoice exceeds the supply

2) The tax charged in the invoice exceeds the tax payable on the supply.

3) The goods supplied are returned by the recipient

4) The Goods / services are found to be deficient.

Reasons for Debit Note

1) The taxable value shown in the invoice is lesser than taxable value in the supply.

2) The tax charged in the invoice is less than the tax payable on the supply.

Also you have to give effects in GSTR1 & GSTR3B , , please refer section 34 of the CGST Act , and confirm.

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RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 25 February 2024