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of <h1>Understanding GST Credit Notes: Correcting Invoice Errors, Adjusting Tax Liabilities, and Record-Keeping for 72 Months</h1> A credit note in GST allows suppliers to amend or revise the value of goods or services in an original tax invoice when discrepancies arise, such as overvaluation, incorrect tax rates, or unsatisfactory quality. It must include specific details like the supplier's and recipient's information, a unique serial number, and the tax amount credited. The credit note reduces the supplier's output tax liability when matched with the recipient's input tax credit claim. Discrepancies or duplications are communicated and must be rectified; otherwise, they are added back to the supplier's tax liability. Records of credit notes must be retained for seventy-two months.
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