CREDIT NOTE TREATMENT

[ranjit kunar]

what is the treatment of credit Note?Suppose invoice done in the month of march'15 and credit note done in April'15.Shall we adjust the credit note with Output tax??What is the period of taking credit note

AI Summary

Credit Note Adjustment Allowed Within Nine Months of Original Transaction per Rule 26(1) WBVAT Rules 2005 A query was raised regarding the treatment of a credit note issued in April 2015 for an invoice from March 2015, specifically whether it can be adjusted with output tax and the applicable period for taking the credit note. The response referred to the second proviso of Rule 26 (1) of the WBVAT Rules, 2005, which allows adjustments through debit and credit notes to be made within nine months from the date of the original transaction.