Issuing debit notes for f.y 2016-17 related services

[srinivas enaganti]

Whether we issue debit notes today invoices/service pertains to F.Y 2016-17 ...?

Is there any time limit for issuance of debit notes & for this which section can refer ...?

Please help ...

[Ganeshan Kalyani]

In my view, you can issue financial credit i.e. credit note without tax.

[Venkataprasad Pasupuleti]

Yes

You can give. If it is arising out of price escalation, GST shall be paid in terms of transitional provisions.

AI Summary

Issuance of debit notes may be allowed; GST applies for price escalations under transitional provisions. Query whether debit notes for prior-year services may be issued and whether there is a time limit; responses indicate financial credits/credit notes can be issued and, where adjustments arise from price escalation, GST on the additional amount is payable under the transitional provisions.