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of <h1>Credit Note in GST: Adjusting Invoice Discrepancies, Returns, and Tax Liability Within Prescribed Regulatory Framework</h1> A credit note in GST is a document issued when the taxable value or tax in an original invoice exceeds the actual amount due, or when goods are returned or found deficient. The supplier can issue a credit note with specific prescribed details within the financial year, adjusting tax liability. The process involves matching credit note details with the recipient's input tax credit claim, with restrictions on tax liability reduction if the tax incidence has been passed on to another party.
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