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
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.
CAclubindia
