Important Point Related To Debit Note or Credit Note as Per Section 24 of the Model GST Law 1) Tax Charged/ Taxable Value > or < Tax Charged/ Taxable Value (w.r.t. that supply), then Credit Note or Debit Note is required to be issued. 2)
Important Point Related To Debit Note or Credit Note as Per Section 24 of the Model GST Law
1) Tax Charged/ Taxable Value > or < Tax Charged/ Taxable Value (w.r.t. that supply), then Credit Note or Debit Note is required to be issued.
2) Issue credit note/ Debit Note on or before 30th day of September following the end of the FY in Which the supply was made or date of filing of relevant annual return whichever is earlier.
3) The credit notes or debit notes shall contain such particulars as may be prescribed when Rules will be made by Govt.
4) No credit note shall be issued if the incidence of tax and interest on such supply has been passed by him to any other person.
5) The details of credit notes/debit notes have to be declared
(i) in the return for the month during which they are issued or received; or
(ii) in the return for any subsequent month.
However, such declaration cannot be later than
(i) September following the end of the financial year in which the supply was made or
(ii) date of filing of the relevant annual return, whichever is earlier.
Compiled By
CA JAIN ALOK
9899259011
NIRC Member