Credit Note or Debit Note Reporting Under New return filing system

 

The new GST system was brought into the image to make the filing of return more streamlined and smoother. Alongside a few different changes in the structures that were of the old return system, credit and Debit note detailing additionally observed a few changes. How about we take a gander at what those progressions are and their suggestions in the return filing system. The issue of credit note/debit note is critical to saving the arrangement of invoicing straightforward for the two players. Under GST, it holds significance in detailing in the profits too.

 

Reporting of credit note/debit note under the old return filing system

 

The reporting of credit/debit notes on the GST portal was made in GSTR-1. It can be classified as follows:

 

Credit note/debit note issued to unregistered persons (B2C supplies): It must be declared in Table ‘9B – Credit/Debit Notes (Unregistered)’. The details required are as follows:

 

• Debit/credit note number
• Original invoice number
• Original invoice date
• GSTIN of receiver
• Debit/Credit Note No.
• Date
• Original invoice number (in respect of which credit/debit note is being issued)
• Original invoice date
• Type (whether debit note, credit note or refund voucher)
• Value
• Supply type (whether inter-state or intra-state) and also if the supply is eligible to be taxed at a differential percentage of the existing rate of tax, as notified by the government
•  Type (whether debit note, credit note or refund voucher),
•  Value and also whether the supply is eligible to be taxed at a differential percentage of the existing rate of tax, as notified by the government
• Credit note/debit note issued to registered persons (B2B supplies): This must be reported in Table ‘9B – Credit/debit notes (Registered)’. The details required are as follows:
  

 

Reporting of credit note/debit note under the new return filing system

 

The reporting of credit or debit notes under the new return filing system will be made in Form GST ANX-1. The reporting involves:

 

Credit note/debit note issued to unregistered persons (B2C supplies):

 

The taxpayer must report these in Table ‘3A: Supplies made to consumers and unregistered persons (net of debit/credit notes)’. It is mentioned in the table that supplies are to be declared net of debit/credit notes.

 

Since it relates to B2C supplies, the declaration is not required to be made at the invoice level. The particulars to be furnished in this table are the place of supply, tax rate, taxable value, and tax amount under each head -IGST/CGST/SGST/UTGST/Cess.

 

Credit note/debit note issued to registered persons (B2B supplies):

 

These subtleties must be outfitted in Table '3B: Supplies made to enrolled people (other than those drawing backward charge) (counting alter/alteration)'. The provisions are not to be pronounced on a net premise since the revelation is made at the receipt level.

 

The points of interest to be outfitted in this table are GSTIN/UIN, a spot of flexibly, archive subtleties like sort, CDN number, date and worth, HSN Code, charge rate, available worth, charge sum under each head - IGST/CGST/SGST/UTGST/Cess.

 

To outfit a credit/debit note, the equivalent must be chosen from the 'Archive Type' drop-down rundown. In the old return filing system, there was a different table for a statement of credit/debit notes to enrolled people yet now such subtleties can be proclaimed inside a similar table used to pronounce outward supplies.

 

The implication of changes in the return filing system

 

The most critical change with regards to detailing of credit notes in the new return filing system is that there is not, at this point a different table for this reason since it is coordinated inside the table that is utilized to proclaim outward supplies:

 

Supplies to unregistered persons (B2C supplies)

 

The subtleties of outward gracefully gave in Table 3A should be net of credit/debit notes. There is no receipt level presentation in this table, thus singular credit notes need not be proclaimed independently. 

 

The annexure permits negative figures if the estimation of credit notes surpasses the estimation of outward flexibly made, in the given assessment time frame. The old arrangement of recording required the credit/debit notes to be connected against the first solicitations that should have been redressed. Be that as it may, the new framework doesn't require such connecting of unique solicitations to be made inside the arrival.

 

Supplies to registered persons (B2B supplies)

 

The details of outward supply provided in Table 3B are at the invoice level and hence each credit/debit note would also have to be provided individually, with all the requisite details. Even here, there is no requirement of linking the credit/debit notes to the original invoices.