TaxTMI 
TaxTMI 
Credit Note in GST [Section 34(1) & 34(2) ]
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.... (as per Section 34(2) of CGST Act) Any registered person who issues a credit note in relation to a supply of goods or services or both shall declare the details of such credit note in the return for the month during which such credit note has been issued but not later than the thirtieth day of November following the end of the financial year in which such supply was made, or the date of furnishing of the relevant annual return, whichever is earlier, and the tax liability shall be adjusted in such manner as may be prescribed: Provided that no reduction in output tax liability of the supplier shall be permitted, if the incidence of tax and interest on such supply has been passed on to any other person.&nb....
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.... or digital signature of the supplier or his authorised representative. Adjustment of tax liability * The output tax liability of the supplier gets reduced once the credit note is issued and it is matched. The details of the credit note relating to outward supply furnished by the supplier for a tax period shall, be matched-- * With the corresponding reduction in the claim for input tax credit by the recipient in his valid return for the same tax period or any subsequent tax period; and * For duplication of claims for reduction in output tax liability. * The claim for reduction in output tax liability by the supplier that matches with the corresponding reduction in the claim for input tax credit by the recipient shall be finally acc....
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....ed goods is a registered person (other than a composition taxpayer), he may, at his option treat it is as a fresh supply and thereby issuing an invoice for the same & avail Input Tax Credit in respect of return supply. (b) Return of time expired goods by issuing Credit Note: the supplier can issue a credit note where the goods are returned back by the recipient & with regard to this adjustment of the tax liability in case of the credit notes issued prior to the month of September following the end of the financial year. Howsoever if such goods are returned after 30th September even then credit note can be issued but without GST ie Subsequently tax liability cannot be adjusted by such supplier. Records The reco....