Debit Notes Under GST

Debit Note under GST


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 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:

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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