Author: Ananya Gupta (Article Assistant, ACSG & Associates)
Much awaited GST update is now implemented !!
Till now, original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-1/6 making it impossible for taxpayers to issue single credit note for number of invoices.
The reporting of credit/debit notes on the GST portal was made in GSTR-1. It can be classified as follows:
Credit note/debit note issued to unregistered persons (B2C supplies): It must be declared in Table ‘9B – Credit/Debit Notes (Unregistered)’. The details required are as follows:
Debit/credit note number
Original invoice number
Original invoice date
Type (whether debit note, credit note or refund voucher),
Value and also whether the supply is eligible to be taxed at a differential percentage of the existing rate of tax, as notified by the government.
Credit note/debit note issued to registered persons (B2B supplies): This must be reported in Table ‘9B – Credit/debit notes (Registered)’. The details required are as follows:
GSTIN of receiver
Debit/credit Note No.
Date
Original invoice number (in respect of which credit/debit note is being issued)
Original invoice date
Type (whether debit note, credit note or refund voucher)
Value
Supply type (whether inter-state or intra-state) and also if the supply is eligible to be taxed at a differential percentage of the existing rate of tax, as notified by the government.
In CGST (Amendment) Act, 2018, section 34(1) and 34(3) were amended w.e.f. 01.02.2019, whereby one or more credit notes / debit notes can be issued against one or more tax invoices.
In this regard, the much awaited de-linking of original invoices and credit / debit notes has now been implemented on the GSTN portal.
To know more see the document:
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