A seller can combine a credit or debit note with a tax invoice. Due Date for Filing GSTR-1 The standard date for filing GSTR-1 is 10 days from the end of the month for which such a return is to be filed. Since debit notes are a major change to an invoice, they have to be reported separately in the GST returns to ensure a free flow of credits to the last mile in a GST environment. However, under GST, debit note furnished by a supplier only will be considered for revision in the values of an invoice. Any invoice/debit note/credit note (including sales invoice) of FY 19-20 missed/ incorrectly reported in GSTR 1/3B can be reported in upcoming GSTR 1/3B till earlier of September 2020 or before filing of annual returns Note: GSTR1/3B once filed cannot be amended, but any invoice if missed/incorrectly reported can be added in upcoming GSTR 1 /3B For example Buyer is returning some goods to the seller Due to damage or some other reason .As far as the buyer is concerned it is a purchase return.In Such a situation the buyer shall prepare a debit note with the amount of returning goods along with GST and sent to the seller. Dear sir I have issued a credit note in June month to my party Now want to know how to adjust this credit note in 3b return to be filled in before 20th july Exactly where to show how adjust tax amount - GST ITC / Input In this article we would help you understand how to how Debit / Credit notes are reported in GSTR-1. Procedures to assess credit note and debit note under GST Act. Also, Debit Notes and Credit Notes issue have to be declared in the GST returns filed in the following month for the month in which document is issued The details have to be declared on earlier of the following dates: You can read more about credit note in GST here and about debit note here. If goods are returned by a buyer registered under GST (he has provided his GSTIN), then the registered seller will issue a credit note to the buyer. ii. 4:25. 4J; 4J in GSTR 9 contains details of debit notes in respect of outward supplies in 4B to 4E of GSTR 9. ALL ABOUT DEBIT AND CREDIT NOTES IN GST - Duration: 26:00. The taxpayer needs to show the entries of credit/debit note raised by him in GSTR1 & GSTR 3B Returns. For how much time Credit Note/Debit Note should be retained. However, this is treated as “credit note” in GSTR 1 return. Under GST, Debit note is also known as Supplementary Invoice Example: On 1 st January 2018 Mr.Ram sells 4 Mobile of Rs.11,200 each (10000+12% GST) and 1 extra mobile valued at Rs.6,720/- (6000+12 GST) as a SAMPLE to Mrs.Neha. The treatment of a debit note or a supplementary invoice would be identical to the treatment of a tax invoice as far as returns and payment are concerned. KJ Classes 22,278 views. The debit note details should be furnished either by the September following the financial year in which the sales transaction was carried out, or by the date of filing of the relevant GSTR-9 annual return, whichever is earlier. However, once a debit note is issued, the supplier should declare it to their monthly return no later than the following month. 4 – Credit/Debit Notes. The word debit note also includes supplementary invoice, it is issued when the-Taxable value present in the invoice is less than the actual taxable amount or Also, the issuing of debit notes and credit notes ought to be declared in the GST returns filed within the following month for the month in which the report is issued. Debit Note and Credit Note in GST. No. Accordingly, ITC shall be adjusted for purchase return. 6D. This option covers all the Credit or Debit notes added by the suppliers in their respective GSTR-1/GSTR 5 returns. In respect of payment and returns, a debit note or supplementary note is treated as a regular tax invoice. if my defective stock I return to my buyer then whether I have to issue debit note? Records. Debit Entry Debit note in GST. Debit notes issued in respect of transactions specified in (B) to (E) above – Sl. The seller must include the credit or debit note in the GST return that covers the period the credit or debit note was issued. ----- Page 4 04.06.2017 Contents of Supplementary tax invoice and Credit or Debit notes As per Rule 6 of Revised Invoice Rules 2017, a revised tax invoice or Debit or Credit notes shall contain following particulars: Please note that a debit note can be raised by a recipient also when the goods received are returned, damaged in transit, the taxable value shown in the invoice is more than the actual or tax charged is more than the actual. Q1. Ans. Credit and Debit notes under GST. Debit note: When goods are returned by the customer to the supplier due to wrong quantity or quality of product, rate difference, discount, commission, etc is known as debit note. Since debit notes are a major change to an invoice, they have to be reported separately in the GST returns. Post sales discount under GST returns. The seller must declare the credit note in the GSTR-1 of the month in which it was issued. GST invoice is one of the major components used while computing tax, one wrong invoice will affect the figures in GST returns […] All the debit/credit notes [original] issued in accordance with the purchases are filled here. The records of the credit note and debit note have to be retained until the expiry of seventy-two months from the due date of furnishing of annual return for the year pertaining to such accounts and records. If you have issued a tax invoice for supply of goods or services or both, and if later on it is found out that the amount or tax charged was higher or goods are returned or goods or services are found to be deficient, you may issue a credit note. According to Section 2(38) of the Goods and Services Tax Act, 2017, a debit note is a record or document which is delivered or issued under Section 34(3) by a registered person.. There is one separate column in GST return where in the taxpayer can show the all the sales return made during the given period. GST Tax Invoice, Debit Note, Credit Note, etc.