Monthly Archives - November 2017

Debit note: How & when to issue under GST

What is a debit note? When a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to be less than the taxable value or tax payable in respect of such supply, the registered person, who has supplied such goods or services or both, would issue a debit note to the recipient indicating the same. The issuance of debit note is a convenient and legal method by which the value of the [...]

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Credit note: How & when to issue under GST

What is a Credit note? Where a tax invoice has been issued for supply of any goods or services  and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services or both supplied are found to be deficient, the registered person, who has supplied such goods or services may issue a credit note to the recipient indicating the same. The [...]

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