Debit Note/Credit Note-Urgent Please
This query is : Resolved
11 April 2021
Client is a ultratech cement dealer. After the sales have been done by the dealer. The company revises sale price (gives discount) to my client (the dealer). As such company issues credit note. Client has properly reversed ITC in GSTR-3B. But did not issue debit note. This has been happening for almost 2-3 years.
What are the consequences and what is the procedure to rectify the same
Is issuance of debit note mandatory. Which form to use and how to file and rectify the same
Thanks in Advance
What are the consequences and what is the procedure to rectify the same
Is issuance of debit note mandatory. Which form to use and how to file and rectify the same
Thanks in Advance
11 April 2021
No need to issue debit note. Credit note issued by the company is enough.
Message likes :
1 times
11 April 2021
It is not mandatory to issue a debit note back to the company then..? No required to show in GSTR 1..?
Please guide me on it or tell me more on it sir..
Please guide me on it or tell me more on it sir..
11 April 2021
Debit Note is to be issued for accounting purposes. No need to show in gstr-1. Check one thing though... whether such credit notes by the company is being shown in gstr2a/gstr2b?.
If yes then no issue
If no then there can be a problem.
11 April 2021
Not mandatory to issue debit note.
Account the credit note issued and reverse ITC.
As per GST rules only sellers are required to issue debit or credit note.
Account the credit note issued and reverse ITC.
As per GST rules only sellers are required to issue debit or credit note.
Message likes :
2 times
11 April 2021
For accounting a credit note is always responded by a debit note.
12 April 2021
Thank You CA Seetharaman Sir
Thank You CA Altamush Zafar
Thank You CA Altamush Zafar
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