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Querist : Anonymous (Querist)

30 September 2010 what is debit note and credit note

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 September 2010 Debit Note:When goods are received from the supplier, the supplier account is credited.When goods are returned the supplier account is debited, so in case of purchase returns a debit note is prepared. It should contain all the details of purchase returns.Generally a debit note will be made in duplicate, one will be sent to the customer and other will be kept as office copy.

Credit Note: It is a statement sent by the seller to his customer intimating that, his account has been credited with the amount of goods return by him or any other allowances granted to him.

Hemu Kapoor

Hemu Kapoor (Expert)
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01 October 2010 Sir,

In case of Debit & Credit Notes
IS IT REQUIRED TO ALSO REVERSE VAT, SERVICE TAX, EXCISE DUTY & OTHER INDIRECT TAXES OR IS IT OPTIONAL?

Regards.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 October 2010 REQUIRED TO ALSO REVERSE VAT, SERVICE TAX, EXCISE DUTY & OTHER INDIRECT TAXES.

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