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Feb 12 • 8 tweets • 4 min read
"Understanding Credit and Debit Notes : What you need to know "
Thread🧵
Specific scenarios where Credit note can be issued
Specific scenarios where debit note can be issued
Time period for issuing credit and debit notes
Adjustment of tax liability
Accounting credit and debit note
V/S
Credit and debit note under gst
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#GST #creditnote #debitnote
@TaxationUpdates @practice_guru @abhishekrajaram @AbhasHalakhandi

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More from @harshit1810

CA Harshit Goyal Profile picture
Dec 15, 2022
Many times we face issues while getting gst registration like application rejected or gst get cancelled after registration
Here is a detailed thread 🧵 on provisions and various judgements on it
⚫️ RELATED PROVISION
🔸As per Rule 8(4) of CGST Rules 2017, using ref no applicant submit application electronically along with document specified in common portal
🔸Also as per Rule 9(2) of CGST Rules ,2017, where application is deficient ,officer may ask for clarification with regard to any information provided in the application or documents furnished
Read 14 tweets
CA Harshit Goyal Profile picture
Nov 20, 2022
We face detention, confiscation and seizure of goods and conveyance.
here is detailed flow chart showing procedure to be carried out by departement during interception in the form of thread🧵
Read 9 tweets
CA Harshit Goyal Profile picture
Nov 12, 2022
Many times businesses face detention due to expiry of e -way bill and non extension of eway bill.
In these cases officers invoke penalty of section 129 and sometimes even section 130 confiscation is invoked
Here is a detailed thread 🧵 on provisions and various judgements on it
⚫️ RELATED PROVISION
🔸2nd proviso to rule138(10) provides that where, under circumstances of an exceptional nature, including transshipment,the goods cannot be transported within the validity period,the transporter may extend the validity after updating the details in PartB
🔸Provided also that the validity of the e-way bill may be extended within eight hours from the time of its expiry.
Below are various judgements of different courts which can be used for argument
Read 17 tweets
CA Harshit Goyal Profile picture
Nov 9, 2022
Many times businesses face detention of vehicle by officer while supplying goods ,even valid invoice and eway bill is accompanied & Penalty under section 129 is initiated for every mistake
You can save that penalty if your mistake is covered in points mentioned in this thread🧵
As per Circular No. 64/38/2018-GST,In the situation mentioned below proceeding under section 129 may not be initiated and only penalty of rs 1000 (total CGST+SGST) imposed in Form GST DRC-07 for every consignment
Situations for which 129 may not be initiated:
▪️ Spelling mistakes in the name of the consignor or the consignee but the GSTIN, wherever
applicable, is correct
Read 11 tweets

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