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Debit Note/Credit Note-Urgent Please

This query is : Resolved 

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

No need to issue debit note. Credit note issued by the company is enough.

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..

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.

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.

For accounting a credit note is always responded by a debit note.

Thank You CA Seetharaman Sir
Thank You CA Altamush Zafar



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