reversal of input tax credit on financial credit notes

[lagudu sivakumar]

Dear Expert,

Our client have purchased material from reilance industries ltd, as a post sale , if our client paid the amount within due , they issued financial credit notes with out effecting the gst on such credit notices.

my query was whether such credit notes issued by reilance industries is taxable under gst

Regards,

Siva KUmar

AI Summary

Financial credit notes and GST: post sale credit notes do not create an independent GST liability under current practice.
Issuance of financial credit notes for post sale discounts does not constitute a fresh supply and therefore, according to practitioner responses in the record, does not create an independent GST liability; the document notes potential input tax credit reversal concerns but contains only advisory views and no judicial authorities on mandatory tax treatment.