TaxTMI 
TaxTMI 
Credit Note in GST
X X X X Extracts X X X X
X X X X Extracts X X X X
....ich is more than the actual value of the goods or services provided. * The supplier has erroneously declared a higher tax rate than what is applicable for the kind of the goods or services or both supplied. * The quantity received by the recipient is less than what has been declared in the tax invoice. * The quality of the goods or services or both supplied is not to the satisfaction of the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....at There is no prescribed format but credit note issued by a supplier must contain the following particulars, namely: - a) name, address and Goods and Services Tax Identification Number of the supplier; b) nature of the document; c) a consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r services or both must 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 September 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. In other words, the output tax liability cannot be reduced in cases where credit no....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the incidence of tax and interest on such supply has been passed on to any other person. Where the reduction of output tax liability in respect of outward supplies exceeds the corresponding reduction in the claim for input tax credit or the corresponding credit note is not declared by the recipient in his valid returns, the discrepancy shall be communicated to both such persons. Whereas, the dupl....