THE CENTRAL GOODS AND SERVICES TAX ACT, 2017
TAX INVOICE, CREDIT AND DEBIT NOTES
Section 34: Credit and debit
notes.
(Relevant Rules 53 to 54)
(1) 1[Where
one or more tax invoices have]
[helldod
old[Where a tax invoice has]helldod] 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
1[one or
more
credit notes for supplies made in a financial year]
[helldod
old[a
credit note]helldod] 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)
1[Where one
or more tax invoices have]
[helldod
old[Where a tax invoice has]helldod] 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
1[one
or more
debit notes for supplies made in a financial year]
[helldod
old[a debit note]helldod]
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.