The taxable value changed after filing the GSTR 1. How do I rectify this?

The question arises is the reason of change in taxable value. I assume the taxable value have already been reported in GSTR-1.

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Now, if the change is because of any of the following reasons, a debit note may be issued.

a. You have erroneously declared a value which is less than the actual value of the goods or services or both provided.

b. You have erroneously declared a lower tax rate than what is applicable for the kind of the goods or services or both supplied.

c. The quantity received by the recipient is more than what has been declared in the tax invoice.

d. Any other similar reasons.

Similarly, a credit note may be issued in the following circumstances

a. You has erroneously declared a value which is more than the actual value of the goods or services provided.

b. You have erroneously declared a higher tax rate than what is applicable for the kind of the goods or services or both supplied.

c. The quantity received by the recipient is less than what has been declared in the tax invoice.

d.The quality of the goods or services or both supplied is not to the satisfaction of the recipient thereby necessitating a partial or total reimbursement on the invoice value.

e. Any other similar reasons

The law mandates the issue of debit note/credit note in the above circumstances. It would not be correct to amend the invoice if change in taxable value is because of the above reasons.

Alternatively, the GSTR-1 may be amended in the succeeding months, and additional tax liability may be declared and paid or tax liability reduced by the supplier in form GSTR-3B.