Time Limit for issue of credit note

[Kaustubh Karandikar]

If original invoice with GST is issued in the financial year 2020 – 21, whether credit note with GST can be issued in financial year 2023 – 24? In my view it can be issued and there is no restriction for the same. The restriction as per Section 34(2) is, declare the details of such credit note in the return for the month during which such credit note has been issued but not later than the thirtieth day of November following the end of the financial year in which such supply was made, or the date of furnishing of the relevant annual return, whichever is earlier. Views of the experts please.

AI Summary

GST Credit Note for 2020-21 Invoice Possible in 2023-24, Must Meet Section 34(2) Deadline for Tax Adjustment A discussion in a forum addresses whether a GST credit note can be issued in the financial year 2023-24 for an original invoice issued in 2020-21. The consensus among participants is that while issuing a credit note is possible, it must be declared in the GST returns by the specified deadline to adjust tax liability. If the deadline is missed, a commercial or financial credit note can be issued without GST implications. Participants emphasize the importance of adhering to Section 34(2) of the GST law, which outlines the time limits for declaring credit notes in returns.