Section 34 of CGST Act,2017 -Credit and Debitnotes

Section 34 of CGST Act,2017 -Credit and Debitnotes

Section 34 of CGST Act,2017 from bare act : - (1) Where a tax invoice has been issued for supply of any goods or services orboth and the taxable value or tax charged in that tax invoice is found to exceed the taxablevalue or tax payable in respect of such supply, or where the goods supplied are returned bythe recipient, or where goods or services or both supplied are found to be deficient, theregistered person, who has supplied such goods or services or both, may issue to therecipient a credit note containing such particulars as may be prescribed. (2) Any registered person who issues a credit note in relation to a supply of goods orservices or both shall declare the details of such credit note in the return for the month duringwhich such credit note has been issued but not later than September following the end of thefinancial year in which such supply was made, or the date of furnishing of the relevantannual return, whichever is earlier, and the tax liability shall be adjusted in such manner asmay be prescribed: Provided that no reduction in output tax liability of the supplier shall be permitted, ifthe incidence of tax and interest on such supply has been passed on to any other person. (3) Where a tax invoice has been issued for supply of any goods or services or bothand the taxable value or tax charged in that tax invoice is found to be less than the taxablevalue or tax payable in respect of such supply, the registered person, who has supplied suchgoods or services or both, shall issue to the recipient a debit note containing such particularsas may be prescribed. (4) Any registered person who issues a debit note in relation to a supply of goods orservices or both shall declare the details of such debit note in the return for the month duringwhich such debit note has been issued and the tax liability shall be adjusted in such manneras may be prescribed. Explanation.For the purposes of this Act, the expression debit note shall includea supplementary invoice.

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CHAPTER VII

TAX INVOICE, CREDIT AND DEBIT NOTES

Chapter VII of the CGST Act,2017 covers four sections relating toTAX INVOICE, CREDIT AND DEBIT NOTES under GST. All these sections from the CGST Act,2017 are available for your ready reference. Section 31 -Tax invoice Section 32 -Prohibition ofunauthorizedcollection oftax Section 33 -Amount oftax to beindicated intax invoiceand otherdocuments Section 34 -Credit and Debitnotes