Debit Note and Credit Note: A Detailed Overview of GST Treatment.

Under the GST regime, proper documentation is crucial for compliance and accurate tax reporting. Two important documents in this context are Debit Notes and Credit Notes. This blog aims to provide a comprehensive overview of these documents, their purposes, and the situations in which they are used, with a focus on GST treatment. Introduction to Debit and Credit Notes Debit Note: As defined...

Input Tax Credit under GST – Important Points.

Introduction In the GST regime, Input Tax Credit (ITC) plays a crucial role in avoiding the cascading effect of taxes. ITC refers to the credit of the GST paid on purchases of goods and services which can be used to offset the GST payable on sales. Understanding the eligibility, conditions, and restrictions for availing ITC is essential for businesses to optimize their tax liability....