https://www.taxtmi.com/forum/issue?id=118285 The central issue is whether issuance of a financial or GST credit note can be treated as payment for claiming input tax credit. The commentary distinguishes statutory credit notes from financial/book adjustments, stresses the importance of timing and return-declaration limits for adjusting taxes already paid, and outlines practical options: treat a late instrument as a financial credit note preserving original tax credit, issue a credit note adjusting both value and tax thereby shifting tax burden to supplier, or consider refund routes. The choice affects ITC entitlement and compliance risk. en-us Thu, 15 Dec 2022 14:02:18 +0530 Thu, 23 Jan 2025 15:54:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118285 The central issue is whether issuance of a financial or GST credit note can be treated as payment for claiming input tax credit. The commentary distinguishes statutory credit notes from financial/book adjustments, stresses the importance of timing and return-declaration limits for adjusting taxes already paid, and outlines practical options: treat a late instrument as a financial credit note preserving original tax credit, issue a credit note adjusting both value and tax thereby shifting tax burden to supplier, or consider refund routes. The choice affects ITC entitlement and compliance risk. Discussion-Forum GST Thu, 15 Dec 2022 14:02:18 +0530 https://www.taxtmi.com/forum/issue?id=118285