https://www.taxtmi.com/forum/issue?id=119000 Credit notes are the prescribed GST mechanism for invoice reversal but apply only where rate differences, returns, or deficient supplies exist; the statutory time limit for issuing a credit note has passed for the prior year. Therefore the customer risks losing input tax credit and GST already paid cannot be adjusted by a late credit note; reissuing invoices now may address accounting records but does not recover previously discharged GST, potentially requiring payment again and imposing a cost. en-us Fri, 23 Feb 2024 11:47:47 +0530 Fri, 24 Jan 2025 10:40:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=119000 Credit notes are the prescribed GST mechanism for invoice reversal but apply only where rate differences, returns, or deficient supplies exist; the statutory time limit for issuing a credit note has passed for the prior year. Therefore the customer risks losing input tax credit and GST already paid cannot be adjusted by a late credit note; reissuing invoices now may address accounting records but does not recover previously discharged GST, potentially requiring payment again and imposing a cost. Discussion-Forum GST Fri, 23 Feb 2024 11:47:47 +0530 https://www.taxtmi.com/forum/issue?id=119000