https://www.taxtmi.com/forum/issue?id=117925 A recipient who paid tax under the reverse charge mechanism (RCM) on imported services received a supplier credit note lowering earlier taxable value and asks whether there is a deadline for adjustment, whether related input tax credit (ITC) must be reversed in the month of the credit note or may be offset later, and how to report the supplier credit note in GSTR-1. Replies propose refund after ITC reversal, offsetting excess RCM tax against other liabilities with disclosure in annual returns, or not showing the supplier credit note in GSTR-1; one respondent suggested no adjustment as a personal view. en-us Wed, 20 Apr 2022 04:37:48 +0530 Thu, 23 Jan 2025 15:54:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117925 A recipient who paid tax under the reverse charge mechanism (RCM) on imported services received a supplier credit note lowering earlier taxable value and asks whether there is a deadline for adjustment, whether related input tax credit (ITC) must be reversed in the month of the credit note or may be offset later, and how to report the supplier credit note in GSTR-1. Replies propose refund after ITC reversal, offsetting excess RCM tax against other liabilities with disclosure in annual returns, or not showing the supplier credit note in GSTR-1; one respondent suggested no adjustment as a personal view. Discussion-Forum GST Wed, 20 Apr 2022 04:37:48 +0530 https://www.taxtmi.com/forum/issue?id=117925