What is basic calculation flow for credit note?

What is basic calculation flow for credit note?

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When you buy a product/service from a registered dealer you pay taxes on purchase, balance liability of tax (tax on sales (minus) tax on purchase) is to be paid to the government. This mechanism is called utilisation of input tax credit(tax on purchase adjustment against tax liability on output i.e. sales).

Answered on June 9, 2017.
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Gen GST