Section 34 of GST – Credit and debit notes

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Section 34 of GST – Credit and debit notes. Everything you want to know about for GST Section 34, this section is provide all details for Credit and debit notes. Detailed Analysis of GST Section 34 of GST Model Law –Credit and debit notes. Everything you want to know about GST all Sections. This Act may be called the CGST Act, 2017. Section Wise Analysis of GST Model Law, Chapter Wise Analysis of GST All Sections. in this article you may find complete details regarding Section 34 of GST Model Law – Credit and debit notes, gst all sections and definitionsNow Check more details from below…..

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Section 34 of GST – Credit and debit notes

(1) Where 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 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 or both, may issue to the recipient a credit note containing such particulars as may be prescribed.

(2) Any registered person who issues a credit note in relation to a supply of goods or services or both shall declare the details of such credit note in the return for the month during which such credit note has been issued but not later than September following the end of the financial year in which such supply was made, or the date of furnishing of the relevant annual return, whichever is earlier, and the tax liability shall be adjusted in such manner as may be prescribed:

Provided that no reduction in output tax liability of the supplier shall be permitted, if the incidence of tax and interest on such supply has been passed on to any other person.

(3) Where 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, shall issue to the recipient a debit note containing such particulars as may be prescribed.

(4) Any registered person who issues a debit note in relation to a supply of goods or services or both shall declare the details of such debit note in the return for the month during which such debit note has been issued and the tax liability shall be adjusted in such manner as may be prescribed.

Explanation.– For the purposes of this Act, the expression “debit note” shall include a supplementary invoice.

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1 COMMENT

  1. In Drugs & Cosmetics Act 1940 (Rules1945). Its mandated to return date expired goods . Such goods terurned to regd dealers by URD or Composite dealer after exp say 2 years. Sec 34 of GST does not allow cr note wt tax component. Any other proviso to applicable to avoid tax loss?

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