Debit Notes Under GST

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Debit Note under GST

Definition:

The term “Debit note” refers to a document issued by a registered person in accordance with subsection 34(3).

Section 34 of CGST Act:

Any registered one that issues a debit note in reference to a supply of goods or services, or both, must declare the tiny print of the debit note in the return for the month when the debit note was issued, and thus the liabilities must be adjusted in accordance with the regulations.

Explanation: For purposes of this Act, a supplementary invoice shall be considered a debit note.

Instances during which a Debit Note could even be issued:

In the following instances, the supplier issues a Debit Note:

The value declared by the supplier is less than the actual value of the goods, services, or both provided.
The supplier has incorrectly declared a lower rate than is suitable for the sort of goods, services, or both supplied.
The quantity received by the recipient exceeds the amount stated on the tax invoice.
Other comparable reasons.

The debit note or supplementary invoice is therefore a practical and permissible thanks to increase the value of the goods or services listed on the original tax invoice. The issuance of the debit note will facilitate the supplier’s payment of his increased liabilities in his tax returns without requiring him to interact in any additional laborious procedures.

Format of Debit Note:

There’s no prescribed format, but a supplier’s debit note must contain the next information:

Supplier's name, address, and Goods and Services Tax Identification Number;
Nature of the record;
A consecutive serial number not more than sixteen characters, in one or multiple series, containing alphabets or numerals or special characters dash and slash or hyphen symbolized "-" and "/" respectively, and any combination;
Date of release;
The recipient's name, address, and Goods and Services Tax number or Unique Identifier Number, if registered;
If the recipient isn't registered, the name and address of the recipient and therefore the address of delivery, also as the name of the State and its code;
Serial number and date of the relevant tax invoice or, if applicable, supply invoice;
Value of taxable supply of products or services, tax rate, and tax debited from the recipient's account;
Signature or electronic signature of the supplier or his authorized agent.

Maintenance of Records:

The records of the debit note or supplementary invoice must be kept for seventy-two months after the maturity for filing the annual return for the year per such records and accounts. Where such accounts and documents are maintained manually, they have to be kept at each location listed in the certificate of registration, which they must be accessible at each location where such accounts and documents are maintained digitally.

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