https://www.taxtmi.com/caselaws?id=801103 Credit notes validly issued and reported during the relevant refund period, including within the statutory time limit for issuing credit notes, reduce the taxable value of outward supplies. They should therefore be deducted when determining adjusted total turnover under the accumulated input tax credit refund formula. Verification through GSTR-1, voucher records and a chartered accountant certificate supports this treatment where it confirms issuance within the relevant period. Excluding eligible credit notes would inflate adjusted total turnover and distort the refund computation. en-us Wed, 14 Oct 2026 00:00:00 +0530 Thu, 15 Oct 2026 05:44:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801103 Credit notes validly issued and reported during the relevant refund period, including within the statutory time limit for issuing credit notes, reduce the taxable value of outward supplies. They should therefore be deducted when determining adjusted total turnover under the accumulated input tax credit refund formula. Verification through GSTR-1, voucher records and a chartered accountant certificate supports this treatment where it confirms issuance within the relevant period. Excluding eligible credit notes would inflate adjusted total turnover and distort the refund computation. Case-Laws GST Wed, 14 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801103