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Debit and credit note issue

Yash Jain (19 Points)

17 November 2019

If we are issue credit note to our customer then it is mandatory to take debit note from customer...???

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4 Replies

Siva Raj (358 Points)
Replied 17 November 2019

Yes then only you can confirm whether they reversed ITC which already availed in Original invoice

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RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 17 November 2019

It's not mandatory under GST.

But, As per accounting standards the Credit note will be accountable as Debit note in Buyers account...

So, No question required.

Pankaj Rawat (GST Practitioner) (55057 Points)
Replied 17 November 2019

Yes it's not mandatory ... as the Mr. Raja Ji reply.
Any way it's going to reflect in CNT/DNT section of 2A , the Recepient is liable to reverse it's ITC .

DINESH KUMAR BALAKRISHNAN (136 Points)
Replied 18 November 2019

Yes it is mandatory as far as the parties Books of A/c is concerned .for every CNT of one party , there must be a DNT must be recorded by the other party. Then only the current closing balance of both the parties must be equalised.

Rajasir is right that it is not mandatory asper GST Rule is concerned.