TaxTMI 
TaxTMI 
If we create an invoice with a MMR for a product, and then when taking a credit note if the MMR has changed, which MMR should apply to the credit note? the latest active one or the MMR applied on the invoice.
MMR on GST Credit note
10 Feb 2020 
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Transaction value under Section 15 governs credit notes; use current GST valuation and include margin in taxable value.
Under GST the prior MRP/MMR valuation approach is displaced by the transaction value concept under Section 15; a credit note for a sales return must be valued using GST valuation rules prevailing at determination, and any margin formerly reflected by an MMR must be included in the taxable value and taxed accordingly. (AI Summary)
Under GST the prior MRP/MMR valuation approach is displaced by the transaction value concept under Section 15; a credit note for a sales return must be valued using GST valuation rules prevailing at determination, and any margin formerly reflected by an MMR must be included in the taxable value and taxed accordingly. (AI Summary)