https://www.taxtmi.com/forum/issue?id=113792 A supplier may issue a credit note to correct excess GST charged only where the invoice overstated taxable value or tax, goods are returned, or supplies are deficient, and not if the tax incidence has been passed to another person. Receipt of a refund or reduction in supplier output tax may also require the recipient to reverse input tax credit. Known trade discounts at time of supply can support re determination of assessable value, whereas post transaction price variations typically cannot. If tax has been passed on, any refund may instead be diverted to a consumer welfare fund under the unjust enrichment principle. en-us Mon, 28 May 2018 10:45:48 +0530 Thu, 23 Jan 2025 15:55:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=113792 A supplier may issue a credit note to correct excess GST charged only where the invoice overstated taxable value or tax, goods are returned, or supplies are deficient, and not if the tax incidence has been passed to another person. Receipt of a refund or reduction in supplier output tax may also require the recipient to reverse input tax credit. Known trade discounts at time of supply can support re determination of assessable value, whereas post transaction price variations typically cannot. If tax has been passed on, any refund may instead be diverted to a consumer welfare fund under the unjust enrichment principle. Discussion-Forum GST Mon, 28 May 2018 10:45:48 +0530 https://www.taxtmi.com/forum/issue?id=113792