DE-LINKING OF DEBIT/CREDIT NOTE FROM INVOICE WHILE REPORTING IN GST RETURNS AND FILING OF REFUND APPLICATION

 

Earlier GST law has made quoting original Invoice Number mandatory for reporting Debit/Credit Note on GST portal. This system was inconsistent with the GST law which says that a single Debit/Credit note can be issued for multiple invoices.

Now, GST portal has provided following facilities to the taxpayers:

Ø  Report a single Debit/Credit Note for multiple invoices without giving reference of Original Invoice Number.

Ø   Taxpayers need to select supply type from drop down to identify the table to which Debit/Credit note pertains.

Ø   Taxpayers need to select Place of Supply to identify whether supply is inter state or intra state.

Ø  Debit/Credit note can be reported with tax amount but without any taxable value i.e. if debit/credit note is issued for difference in tax rate, then note value can be reported as zero and only tax amount is to be entered in such case.

Note: The above changes have been made in GSTR 1 and GSTR 6. Also, similar changes have been made while reporting amendments to Debit/Credit Notes.

Similar changes have been made in refund system also. Thus, while preparing refund statement taxpayers can report Debit/Credit Note filed during the refund period without mentioning the original invoice number. The change has been provided while filing refund application of following types:

Ø  Refund for export of services with payment of tax

Ø  Refund on account of goods & services without payment of tax

Ø  Refund on account of inverted duty structure

Ø  Refund on account of supply of goods or services to SEZ with payment of tax

Ø  Refund on account of supply of goods or services to SEZ without payment of tax

SOURCE : GSTN

Disclaimer : TAXGyaAan is meant purely for the educational purpose of Tax Laws and Regulatory Updates. It will not be treated as professional advice. This Blog should not be substituted for professional advice. For specific Queries, please post in the comments section.