Credit notes and debit notes under GST
Credit notes and debit notes under GST Section 34 of the CGST Act plays a crucial role in regulating credit and debit notes in the context of goods and services. Section 34: Credit and debit note Section 34(1) of the CGST Act pertains to credit and debit notes. The extract of the section is provided below: “Where one or more tax invoices have been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services or both supplied are found to be deficient, the registered person, who has supplied such goods or services or both, may issue to the recipient one or more credit notes for supplies made in a financial year containing such particulars as may be prescribed.” According to the section 34, a supplier has the option to issue a credit note with GST (referred to as “GST credit note”