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regarding debit or credit note
I sale hard coke to a party. but the quality of hard coke was not good.in this case the buyer deduct amount for the bad quality products for hard coke. but the buyer want a new bill. how can issue a new bill to the buyer. is this related to debit or credit note . please reply
Replies (3)
cancel the previous transaction by issuing credit note and after that issue new bill with increased amount.
For GST and Income tax
issue credit note for diffrence in amount , it will result in reduction in GST liability (if GST is applicable) and reduction in sales value
no need to issue fresh bill by cancelling existing bill in any case only for rate diffrence
if u show your bill in Gstr1 then u cannt cancel your bill at all plz issue credit note for differnce amount
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