All suppliers of goods or services create invoices on a daily basis. There are situations when you have already issued an invoice but your client is not happy with the received products / services or there is a discordance in your invoice. In such cases, there will be a negative impact in your accounting balance so you will have to issue a credit note.
If there are any problems with the goods or services supplied to a client, or they simply decide to return goods, the supplier has to issue to the recipient a credit note, to reduce tax liability.
You will need to issue a credit note in these situations:
Based on the government regulations, a credit note under GST must contain the following:
This is how a credit note made with Sleek Bill Online looks like:
Credit notes have to be declared in the GST returns by the following dates:
Please Note: There will be no reduction of output tax liability if the input tax credit and interest on the invoice have been passed to another registered person.
You can easy generate a credit note by using Sleek Bill Online. Once you create the credit note, the amount present in it gets adjusted against the original tax invoice.
A modern business that wishes to thrive in the GST era can no longer spend large amounts of time on billing and spreadsheets.
Be GST ready and chose a billing software that evolves as per your businessís needs.
*Free & Easy - no hidden fees.
Anyone can use this for their billing from the first day of installation. I personally like to use this high-tech billing software for its billing pattern and the customization options. I've been using Sleek Bill for the last 2 years and I am happy with the telephone & online support [...]. I would like to thank team Sleek Bill for best, on time support and I recommend this billing software for every small business.
It has very good options for creating quotations and invoices. Our work got simplified and we don't have to waste our time so much. Also, we got good support from your team in the initial stages when we really needed it. We would definitely recommend to our friends.
This really is an awesome software. It's quite easy to use and economical, at a very attractive price. Support from the team was quite impressive. I think any person who wants computerized billing should use Sleek Bill software.