Sir
I have made supply and raised Tax invoice dated 5th,Jan. 2019 i.e F.Y 2018-19, now on 03/10/2020, I have to raise debit note against it. ( i.e in F.Y. 2020-21)
In my view, there is no time limit for debit note, therefore I can raise debit note to customer.
Whether customer is eligible to take input credit on such debit note.
Eligibility for Input Tax Credit on 2020-21 Debit Note Referencing 2018-19 Invoice Under GST Section 16(4) Discussed A participant inquired about the eligibility for input tax credit (ITC) on a debit note issued in the financial year 2020-21 for an original invoice from 2018-19 under the Goods and Services Tax (GST) framework. The discussion referenced Section 16(4) of the CGST Act, 2017, which restricts ITC claims after the September following the financial year of the invoice or debit note. It was clarified that recent changes de-linked debit notes from invoices, allowing consolidated treatment, but the time limit for claiming ITC remains unchanged. The consensus was that ITC could be claimed for the current financial year, subject to the time limitations. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
