Section-31. Credit and debit notes
(1) Where a tax invoice has been
issued for supply of any goods and/or services and
the taxable value and/or tax charged
in that tax invoice is found to exceed the
taxable value and/or tax payable in
respect of such supply, or where the goods
supplied are returned by the
recipient, or where services supplied are found to be
deficient, the registered taxable
person, who has supplied such goods and/or
services, may issue to the recipient
a credit note containing such particulars as
may be prescribed.
(2) Any registered taxable person who
issues a credit note in relation to a supply of
goods and/or services shall declare
the details of such credit note in the return
for the month during which such
credit note has been issued but not later than
September following the end of the
year in which such supply was made, or the
date of filing of the relevant annual
return, whichever is earlier, and the tax
liability shall be adjusted in the
manner specified in this Act:
PROVIDED that no reduction in output
tax liability of the supplier shall be permitted
if the 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 and/or services and
the taxable value and/or tax charged
in that tax invoice is found to be less than
the taxable value and/or tax payable
in respect of such supply, the taxable
person, who has supplied such goods
and/or services, shall issue to the recipient
a debit note containing such
particulars as may be prescribed.
Explanation: - ‘Debit Note’ shall include a supplementary invoice.
(4) Any registered taxable person who
issues a debit note in relation to a supply of
goods and/or services shall declare
the details of such debit note, in the return
for the month during which such debit
note has been issued and the tax liability shall
Be adjusted in the manner
specified in this Act.
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