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43. Credit and Debit notes under section 61

(1) Where a registered dealer has given a tax invoice in respect of a sale of goods, and thereafter, the goods or any part thereof are returned to the seller on account of the sale is cancelled or for any other reason, or the value of the sale is altered, whether due to a discount or otherwise, he shall, subject to the provisions of section 61, give to the purchaser a credit-note or, as the case may be, a debit-note which shall contain following particulars, namely:-

 (a) mechanically printed consecutive number of credit note or debit note;

 (b) date of the issue;

 (c) name, address and registration number of the seller;

 (d) name, address and registration number of the purchaser;

 (e) serial number of relevant tax invoice and date of transaction to which the credit note or the debit-note relates to;

 (f) value of the goods and the amount of the tax  and additional tax credited or debited to the purchaser;

 (g) signature of the dealer or person duly authorized.

(2)(a) The relevant period for the event as mentioned in clause (b) of subsection (1) of section 8 shall be one year.

(b) The relevant period for the event as mentioned in clause(c) of sub section (1) of section 8 shall be six months from the date of such sale.

 (3)(a) The credit notes and the debit notes in respect of any annual discounts and any price adjustments shall be issued as and when the accounts are settled between the seller and the buyer provided the settlement is made within three months from the end of the year and the discounts or price adjustment are supported by proper documentary evidences.

 (b) The credit notes and debit notes in respect of goods returned after sales or purchases shall be issued only when the goods have been returned within a period of six months from the date of such sale.

 (4) A credit note or debit note shall be issued in triplicate, with the ‘original’ to be delivered to the purchaser, ‘duplicate’ to be enclosed with the return to be furnished under rule 19 and the ‘triplicate’ to be retained by the registered dealer.