Credit Note in GST [Section 34(1) & 34(2)]

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....4. Post-supply discount • Specifically linked to Section 15(3)(b) (i.e., discount agreed before or at supply and linked to invoices) Before the Amendment A registered supplier may issue a credit note for supplies made in Financial year in the following situations: 1. Excess value or tax charged • taxable value in that tax invoice is found to exceed the taxable value • taxable charged in that tax invoice is found to exceed the taxable payable 2. Goods supplied returned by recipient 3. Deficiency in goods/services Time limit of declaration of Credit note (as per Section 34(2) of CGST Act) Any registered person who issues a ....

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....s, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as "-" and "/" respectively, and any combination thereof, unique for a financial year; d) date of issue; e) name, address and Goods and Services Tax Identification Number or Unique Identity Number, if registered, of the recipient; f) name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is un-registered; g) serial number and date of the corresponding tax invoice or, as the case may be, bill of supply; h) value of taxable supply of goods or services, rate of tax and the amount of the tax credited to the recipi....

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....h any discrepancy is communicated and which is not rectified by the recipient in his valid return for the month in which discrepancy is communicated shall be added to the output tax liability of the supplier in his return for the month succeeding the month in which the discrepancy is communicated. • The amount in respect of any reduction in output tax liability that is found to be on account of duplication of claims shall be added to the output tax liability of the supplier in his return for the month in which such duplication is communicated. Circular to clarify the procedure in respect of return of time expired drugs or medicines  Circular No. 72/46/2018-GST : Clarifies that  (a)  Ret....