TaxTMI 
TaxTMI 
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.
Time Limit for issue of credit note
07 Jun 2023 
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Time limit for GST credit notes restricts their ability to reduce output liability if not declared within the prescribed return period.
A GST credit note must be declared in the return for the month of issuance but not later than the statutory reporting cutoff following the end of the financial year in which the supply was made or the annual return filing date, whichever is earlier. If issued after that cutoff it cannot be used to reduce the issuer's output tax liability, and practitioners therefore often advise issuing non-GST commercial or accounting credit notes to adjust the taxable value without reflecting GST. (AI Summary)
A GST credit note must be declared in the return for the month of issuance but not later than the statutory reporting cutoff following the end of the financial year in which the supply was made or the annual return filing date, whichever is earlier. If issued after that cutoff it cannot be used to reduce the issuer's output tax liability, and practitioners therefore often advise issuing non-GST commercial or accounting credit notes to adjust the taxable value without reflecting GST. (AI Summary)