Credit note in GST allows suppliers to reduce output tax liability when an invoice overstated value or tax. A supplier may issue a credit note when a tax invoice overstates taxable value or tax, goods are returned, or supplies are deficient; the credit note must include prescribed particulars such as supplier and recipient details, serial number, invoice reference, value and tax adjusted, and signature. The credit note must be declared in the supplier's return for the month of issue or by the September after the financial year or annual return filing, and its effect on output tax is subject to matching with the recipient's input tax credit claims; unresolved discrepancies or duplications are added to the supplier's subsequent output tax liability. Records must be retained for seventy-two months.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Credit note in GST allows suppliers to reduce output tax liability when an invoice overstated value or tax.
A supplier may issue a credit note when a tax invoice overstates taxable value or tax, goods are returned, or supplies are deficient; the credit note must include prescribed particulars such as supplier and recipient details, serial number, invoice reference, value and tax adjusted, and signature. The credit note must be declared in the supplier's return for the month of issue or by the September after the financial year or annual return filing, and its effect on output tax is subject to matching with the recipient's input tax credit claims; unresolved discrepancies or duplications are added to the supplier's subsequent output tax liability. Records must be retained for seventy-two months.
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