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
19 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 25 February 2024
Are asking as a supplier or customer...???
MPR Sanjay Kumar
(3118 Points)
Replied 25 February 2024
Both supplier and buyer how it practically works
RAJA P M
("Do the Right Thing...!!!")
(128091 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...
That's can be easy way to understand.
otherwise it's difficult to understand and it's make confusion...
CA Rashmi Gandhi
(Chartered Accountant)
(86323 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.
Customer will claim ITC or reverse ITC in respect of such debit and credit note.
MPR Sanjay Kumar
(3118 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
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)
(86323 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
What I understood is that Mr. moorthi is registered dealer dealing with unregistered person
MPR Sanjay Kumar
(3118 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?
supply a goods or supply for unregistered persons how to show in GST returns whether I have to give which value?
sabyasachi mukherjee
(27574 Points)
Replied 25 February 2024
Debit and credit applies fir a buyer and seller.
prasad Nilugal
( GST Practitioner & Accounts )
(14801 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.
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.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 25 February 2024
| Originally posted by : MPR Sanjay Kumar | ||
 |
You are the better person sir plse explain |  |
😇😇😇😇😇
😎😎😎😎😎
MPR Sanjay Kumar
(3118 Points)
Replied 25 February 2024
@ thank you so much CA honourable Rashmi Gandhi mam, and Prasad nillugal sir and Raja pm sir
for your reply
for your reply
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 25 February 2024
Credit Note deducted from B2CS sales and debit note taxable value added to B2CS sales
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