GSTR-1 New Feature | Debit Note/Credit Note Delinked from Invoice

GSTR-1 New Feature | Debit Note/Credit Note Delinked from Invoice This change has been made in line with the amendment made under section 34(1) and Section 34(3) by CGST Amendment Act 2018. GSTN Portal has now made an important change in the utility of GSTR-1. Now while giving details of credit note/ debit note related to B2B supplies, you don't need to give details of the original tax invoice. The whole concept and amendment have been discussed in this video. GSTR-1 New Feature | Debit Note/Credit Note Delinked from Invoice https://www.youtube.com/watch?v=mQZxMpkPDMU

Let us understand the whole process, step by step:

• Till now, the original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-1. This was required in the case of B2B supplies.
• Now Taxpayers are note required to quote the original invoice number while reporting a B2B Credit Note or Debit Note.
• This means taxpayers, can now report in their Form GSTR-1:
  • a single credit note or debit note issued in respect of multiple invoices.

Tags: GST