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In order to clearly understand the concepts of debit and credit note in GST we have to let go of our understanding of debit note under erstwhile laws and begin with a new slate. A debit and credit note, for the purpose of the GST Law, can be issued by the registered person who has issued a tax invoice, i.e., the supplier.
Any such document, by whatever name called, when issued by the recipient to the registered supplier, is not a document recognized under the GST Law.[caption id="" align="alignnone" width="840"] Debit Note in GST[/caption]
Debit and credit note in GST causes some hardship to quickly understand – as who owes whom. A debit note in GST is issued when any money is ‘OWED’ to the issuer, that is, it is again issued by the person who is the receiver of money.
For example, supplier charges a penalty for delayed payment of consideration, the supplier would issue a debit note for the amount of penalty, to the customer to declare that money is ‘OWED’ to the supplier.
Then, the original amount due PLUS the debit note is the revised value of supply, that the customer pays the supplier. To this extent, the GST thereon would also stand increased.
The conditions applicable on an issue of debit note in GST are listed below:
Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any willful misstatement or suppression of facts
Detention, seizure and release of goods and conveyances in transit
Confiscation of goods or conveyances and levy of penalty
The debit and credit note format in GST shall be furnished with the following details
Since debit notes are a major change to an invoice, they have to be reported separately in the GST returns to ensure a free flow of credits to the last mile in a GST environment.
The supplier shall mention the details of debit and credit note in form GSTR 1. On filing the details it will get auto-populated in form GSTR 2A for the recipient. The recipient can either modify or accept or reject these details and file form GSTR 2.
Debit and Credit Note in GST is a part and parcel of daily transactions of any business. In business parlance, we can say that debit and credit note is issued when there are sales returns or purchase returns.
For using debit and credit notes in Tally, you would have enabled them.
Now for passing a debit note entry in Tally.ERP9, follow the given steps :
Step 1: Go to Accounting Vouchers from Gateway of Tally.ERP 9
Step 2: Now select debit Note from the left-hand bar or simply press CTRL + F9 which is the shortcut for Debit Note.
Step 3: Begin entering the details of debit note which is needed to be prepared and click yes after passing the entry for accepting the entry fed by you.
e-Invoice from 1st October 2022 for Businesses with Turnover Exceeding 10 Crore
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