Hi, this discussion was quite helpful. One follow-up question - when we add amount in credit note do we add in positive or negative value in table 12 and table 13

[Rohit Nigam]

Hello team

When we add amount in credit note we add in positive value. However, in table 12 and table 13, should we add in positive or negative if there is only a credit note (and no invoices) for the current filing period quarter?

Would appreciate some guidance. 

Regards 

RN

[Rajan Kumar and associates]

By issuing Credit Note, you are reducing your liability, hence in Table No. 12 you have to reduce the value in Table No. 13 you have to add the document details.

- Aivar

 

AI Summary

Credit note treatment reduces tax liability; adjust Table 12 values and record document details in Table 13.
Where a credit note has been issued it reduces the issuer's tax liability; accordingly, reduce the reported value in Table 12 to reflect that decrease and enter the credit note's document details in Table 13.