Sec 2(38) – Debit Note

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Sec 2(38) – Debit Note 2017-04-14T03:00:27+00:00
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    #1172 |

    “debit note” means a document issued by a registered person under sub-section (3) of section 34;

    Priya MadrechaPriya Madrecha
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    A debit note should be issued by a supplier in the following circumstances:
    (a)     The taxable value shown in the invoice is lesser than the taxable value of the supply; or (b)     The tax charged in the invoice is less than the tax payable on the supply.
    The following aspects need to be noted:
    •    Where there is no change in the taxable value/ tax amount, a debit note need not be issued;
    •    A debit note has to be issued by the supplier. A debit note issued by a recipient, say for accounting purposes, is not a relevant document for GST purposes;
    •    The details of the debit note have to be declared by the supplier in the return of the month of the issue of debit note;
    •    Debit note includes a supplementary invoice

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