In the series of Important Documents under GST, My this Last Post is about Debit & Credit Notes. We all know these are instruments to settle any dispute between parties, rectify any error or to record Sale/Purchase Return, To Pass Commission/Incentives/Discounts etc. But, What I see this small provision is going to change business culture. As of Now, If Recipient is not satisfied with the quality of services/products, he simply deduct some amount from the invoice of Supplier and issue him debit note. But Now under GST, all power will lie with Supplier to issue Debit/Credit Note. I hope it will bring honesty in Business, and people will get rid of their habit from deducting some amount from each & every bill. It seems not a business transaction but like a housewife buying vegetables for Home.
One more interesting thing if this is case of Tax Reversal We will have limit of 6 months only from the end of FY, but if any transaction result in increase in Tax Liability, No Such Limit. Govt is truly greedy. :)
Thanks for bearing my posts. From Monday (24.04.17) will try to start a new thread on some other interesting chapter of GST. Happy Weekend. Thanks & Cheers. God Bless All. JMJ. [GstSutras5] #SukhF_GST
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