Debit Note, Find What is Debit Note in GST

Here we provide about Debit note in GST, Debit note Format, Tax liability, Record and followed by some of the FAQs…

Tax invoice is issued for supply of the Goods and Services or for the taxable value or the tax charges in the tax invoice. If this value is found to be less than the taxable value or tax payable in respect of such supply to the registered person.

One who has supplied the goods or services, or both should have to write a Debit Note to the recipient having all details of the particular in invoice. It is mandatory to have a note for every good that are reviewed.

To ensure that they met with all values of taxation and are perfectly eligible to apply for the GST. This Debit Note in GST also helps the supplier to apply for GST and track their records in an easy manner with perfect tax returns.

Debit Note in GST

There are few cases when the Debit Note supplied under GST and issues with the goods.

• Original tax invoice which has issued and mentioned taxable value in the invoice which is more less than the actual taxable value
• Issue of original tax invoice, and tax charge on income is less than the paying of actual tax
• This will not include the supplementary invoice

Format of Debit Note

As a supplier, there are below detailed particulars that must be in your note. Make sure you have all below details in handy when preparing your note.

• Name, address along with the GSTIN number of the supplier
• Clear the Nature of document
• Serial number which must not exceed 16 digits mentioned without having a combination of the multiple characters.
• Date of issue of note
• GSTIN number along with details of unique identity number if registered
• Recipient details along with name and communication address
• Tax invoice corresponding number along with serial number or bill of supply
• Value of the supply of goods and services which are taxable
• Rate of tax and amount of tax debited in view of recipient
• Authorized representative dos mention their Signature or digital signature

Debit Note Tax Liability

The note or also known as supplementary invoice creates additional tax liability. The Note is equally treats as the tax invoice in terms of the returns and the payments are concern. This

Note does help in tax filing and has the equal value of tax filing by different things to file the returns. The supplier has mandatorily showcased the note in their document at the end of every month in tehri GST form, to ensure you are clear from the GST taxation.

Debit Note Record

In regular the note record must retain until the expiry of seventy-two months from the date of filling the annual returns. These period notes from the day of annual filing to have the accounts and record in place. The note must keep in every place of business mentioned in registration and it made available to everyone at the business points. The note needs to maintain digitally at every place of business where the documents and accounts are maintain.

Debit Note in GST is a convenient and legal method to enhance the original tax invoice of the respective goods and services. This note will allow the supplier to pay the enhanced tax liability in their returns and does not require him to get any lengthy process.

When is Debit Note issued

Every time a registered supplier supplies the Goods must get the tax invoice ready for their shipment. Along with the tax invoice it is mandatory to have a Debit Note ready for the recipient.

• When Supplier has charged value of goods or services in invoice which are less than the actual value of goods
• When supplier charge lower tax rate than the expected one on applicable goods and services
• If the goods or service received by receipt are more than the declared in original tax invoice