Issuance of debit, credit notes for tax adjustment

Issuance of debit, credit notes for tax adjustment

Section 9 ofSales Tax Act, 1990has defined issuance of debit, credit notes for tax adjustment.

The Federal Board of Revenue (FBR)issued theSales Tax Act, 1990updated up to June 30, 2021. The Act incorporated amendments brought throughFinance Act, 2021.

Following is the text of section 9 ofSales Tax Act, 1990:

9. Debit and credit note. – Where a registered person has issued a tax invoice in respect of a supply made by him and as a result of cancellation of supply or return of goods or a change in the nature of supply or change in the value of the supply or some such event the amount shown in the tax invoice or the return needs to be modified, the registered person may, subject to such conditions and limitations as the Board may impose, issue a debit or credit note and make corresponding adjustment against output tax in the return.

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