Difference Between Debit Note and Credit Note.

                                 Debit Note and Credit Note

A. CREDIT NOTE UNDER SECTION 34(1)

An enlisted provider of labor and products or both is obligatorily expected to give a duty receipt. In any case, over the span of exchange or business, after the receipt has been given there could be circumstances might emerge like: - the available worth or duty charged in that expense receipt is found to surpass the available worth or assessment payable in regard of such stock (Where Pronounced Worth more than Genuine Worth)/(Pace of duty charged higher than rate material) or the enrolled individual, who has provided such labor and products or both, may issue to the beneficiary a credit note containing such specifics as might be endorsed. When the credit note has been given, the assessment risk of the provider will decrease.

B. CREDIT NOTE UNDER SECTION 34(2)

Any enlisted individual who gives a credit note comparable to a stockpile of labor and products or both will pronounce the subtleties of such credit note in the return for the month during which such credit note has been given however not later than September following the finish of the monetary year in which such stock was made, or the date of outfitting of the pertinent yearly return, whichever is prior, and the duty obligation will be changed in such way as might be recommended: Given that no decrease in yield charge responsibility of the provider will be allowed, in the event that the occurrence of expense and interest on such stockpile has been given to some other individual.

• IMPORTANT NOTES: -

 

कुल मिलाकर, परिणाम शुल्क जोखिम को उन स्थितियों में कम नहीं किया जा सकता है जहां क्रेडिट नोट सितंबर के बाद दिया गया है या वार्षिक रिटर्न की रिकॉर्डिंग, जो भी पहले हो। ऐसे मामलों में, मौद्रिक/व्यावसायिक क्रेडिट नोट दिए जाएंगे, उदाहरण के लिए बिना किसी शुल्क के।

C. DEBIT NOTE UNDER SECTION 34(3)

An enrolled provider of labor and products or both is compulsorily expected to give an expense receipt. Notwithstanding, over the span of exchange or business, after the receipt has been given, there could be. 

circumstances might emerge like: - Where an expense receipt has been given for supply of any labor and products or both and the available worth or duty charged in that expense receipt is viewed as not exactly the available worth or assessment payable in regard of such stock (Where Pronounced Worth not exactly Genuine Worth)/ (Pace of duty charged lesser than rate pertinent) or 

- where the merchandise provided are gotten by the beneficiary, or where labor and products or both provided are viewed as in abundance (Amount got more than Proclaimed Amount) the enlisted individual, who has provided such labor and products or both, will issue to the beneficiary a charge note containing such specifics as might be endorsed. 

- Where the provider charges a punishment for deferred installment of thought from the client, the provider would give a charge note for that measure of punishment, to the client to indicate that sum which is payable to the provider by the client.

D. DEBIT NOTE UNDER SECTION 34(4)

Any enrolled individual who gives a charge note corresponding to a stock of labor and products or both will proclaim the subtleties of such charge note in the return for the month during which such charge note has been given and the duty responsibility will be changed in such way as might be endorsed. 

There is no time limit for issuance of charge note. It is critical to take note of that the charge note will help the public authority as it brings about charge assortment, yet the credit note decrease the duty obligation. Subsequently, the public authority has just determined as far as possible to give a credit note however there is no time limit for the charge note.

** FORMAT OF CREDIT/DEBIT NOTE**

 ♦ Name, Address and GSTN of the provider.

 ♦ Nature of the archive.

 ♦ A successive chronic number not surpassing sixteen characters, in one or different series, containing letter sets or numerals or extraordinary characters dash or run and slice represented as "- " and "/" separately, and any blend thereof, exceptional for a monetary year.

 ♦ Date of issue of the archive.

 ♦ Name, address and GSTN or Exceptional Character Number, whenever enrolled, of the beneficiary.

 ♦ Name and address of the beneficiary and the location of conveyance, alongside the name of State and its code, assuming such beneficiary is un-enlisted.

 ♦ Worth of available stock of labor and products, pace of expense and how much the duty acknowledged/charged as the case might be to the beneficiary; and

♦ Serial number and date of the corresponding tax invoice (s)* or bill (s) of supply, as the case may be to the recipient and

♦ Signature or computerized mark of the provider or his approved delegate.

** DISCLOSURE OF CERDIT/DEBIT NOTE IN PREVAILING GST RETURNS **

-The credit/charge notes will be accounted for in the GSTR - 1. It tends to be separated into two sections as follows.

A. Credit/Charge Note gave to Unregistered People (B2C supplies) - should be pronounced in Table '9B - Credit/Charge Notes (Unregistered)' (CDNUR).The subtleties required are as per the following:

• Debit/ Credit Note Number
• 
  
• Original Invoice Number

• Original Invoice Date

• Type (whether Debit/ Credit Note or Refund Voucher),

• Value and also whether the supply is eligible to be taxed at a different rate of tax, as notified by the government.

B. Credit note/charge note gave to enrolled people (B2B supplies): This should be accounted for in Table '9B - Credit/Charge Notes (Enlisted)' (CDNR). The subtleties required are as per the following.

• GSTIN of Receiver

• Debit/Credit Note No.

• Date

• Original Invoice Number

• Original Invoice Date

• Type

• Value & Supply type