SUPPLIER OR CREDITORS ISSUED CREDIT NOTE SHOWING IN GSTR2 CAN WE WE TAKE OUR GSTR1

[nandankumar roy]

DEAR SIR,

SUPPLIER OR CREDITORS ISSUED CREDIT NOTE SHOWING IN GSTR2 CAN WE WE TAKE OUR GSTR1 BY TREAT AS DEBIT NOTE PL CONFIRM OR WHETHER CREDITORS ITC ONLT TO BE SHOWN IN ONLY IN 3B RETURN TILL WAIT SUBMISSION OF GSTR2 IN FUTURE.

WITH REGARDS,

N K ROY

[Alkesh Jani]

Sir,

Section 34 of the CGST Act, 2017 provides for issuance of credit notes for post supply discounts or if goods are returned back within a stipulated time. However, in GST the two main documents on which ITC can be taken are Invoice and Debit note.

In which scenario Credit note is issued is not mentioned in your query. If you can elaborate your query, it will be easy for our experts to express their views.

Thanks

[YAGAY andSUN]

In our view if credit note is issued and mentioned by your counterpart in their return then for matching purpose you need to show in your statutory returns and if there is any mismatch then you would have to resolve it within prescribed time limit.

[Ganeshan Kalyani]

Elaborate your query a bit more.

AI Summary

Discussion on Handling Credit Notes in GSTR-2 Under Section 34 of CGST Act 2017 Raises Clarification Requests A participant in a GST discussion forum inquired about handling a credit note issued by suppliers or creditors, which appears in GSTR-2, and whether it can be treated as a debit note in GSTR-1. Responses highlighted that under Section 34 of the CGST Act, 2017, credit notes are used for post-supply discounts or returns, and ITC can be claimed using invoices or debit notes. One reply suggested showing the credit note in statutory returns for matching purposes, with any mismatches resolved within a prescribed time. Further clarification of the query was requested by respondents.