Credit/Debit Notes under GST

We all know Credit and debit notes and why it need to be issued in GST, but we are discussing a specific issue here i.e. issue of credit/debit note when all the particulars of Invoice are correct except for rate of tax charged.

For Eg: Taxable Value – Rs. 1000+18% GST i.e Rs. 1180/- instead of Rs. 1000+12% GST i.e. Rs. 1120/- now we only have to change the tax value (from Rs.180/- to Rs. 120/-) because taxable value need no correction. This issue is specific beacasue till now GSTR-1 doesn’t allow feeding nil taxable value, so untill unless we feed some taxable it wouldn’t allow to move further to correct the difference of Tax charged.

Simple solution in this case would be to enter taxable value as Rs. 1/- and modify the full Tax value. Later on during filing Annual return and Audit your CA can verify and certify the same.

This Particular issue is being taken up in upcoming GST Return ANX-1