Currently, a credit/debit note which is issued by the registered businessman should be submitted invoice-wise, which is highly impractical for businessmen who have to correlate with one to one underlying invoice. This increases compliance burden for taxpayers, especially for the ones following pen and paper method of bookkeeping denying to use faster business accounting software.
Hence it is proposed to the parliament to allow issuance of consolidated credit/debit which is in line with the best international practices.
- This amendment seeks to permit a registered businessman to issue consolidated credit /debit notes in respect of multiple invoices issued in a Financial Year without linking the same to individual invoices to reduce the compliance burden for taxpayers.
- This amendment is taxpayer friendly and expected to bring relief.
- The proposed Amendment will require parliamentary approval and State Legislatures assent for their respective sgst act.
While a large number of businessmen will be benefitted and relieved from unnecessary tax burden with this proposal of consolidated debit/credit note being accepted, It is always recommended for businessmen to use digital tools like Vyapar. With Vyapar, FREE business accounting software, one can easily manage sale transactions through which invoice-wise credit/debit note or fetching a consolidated one is as easy as mouse clicks. Click Here to download vyapar.
Download the BEST GST Compliant Mobile Billing App