Skip to content

CA Final · Indirect Tax Laws · Tax Invoice, Credit and Debit Notes

Patel Pharma Ltd, Ahmedabad, issues a credit note to a registered recipient, Zenith Chemists, for goods returned. Which of the following is NOT a particular required on the credit note under rule 53(1A)?

The word 'Revised Invoice' is not required on a credit note. Rule 53(1A) requires the corresponding invoice details, taxable value, rate and tax credited, and a signature, while the 'Revised Invoice' wording belongs to revised tax invoices under rule 53(1).

  1. ASerial number and date of the corresponding tax invoice
  2. BValue of taxable supply, rate of tax and amount of tax credited to the recipient
  3. CSignature or digital signature of the supplier or authorised representative
  4. DThe word 'Revised Invoice' indicated prominentlyCorrect

Explanation

Rule 53(1A) lists the supplier's name, address and GSTIN, nature of the document, a serial number of up to sixteen characters, date, recipient details, the corresponding invoice number and date, the taxable value, rate and tax credited or debited, and a signature. The words 'Revised Invoice' are required under rule 53(1)(a) for a revised tax invoice, not for a credit or debit note. So option D is not a credit note particular.

Did you get it right without looking?

One question tells you little. A timed set on Tax Invoice, Credit and Debit Notes shows your real accuracy, how long you take and where you lose marks.

Practise Tax Invoice, Credit and Debit NotesFree diagnostic mock

More Tax Invoice, Credit and Debit Notes questions