Avinash Jeevan Dsouza (Assistant In Charge Accountant) (3283 Points)
04 December 20201. What is the maximum time available for supplier to raise the credit note?
2. What is the law for raise the credit note by supplier on the expired goods?
3. What if, the supplier gives the credit note with out reversing the GST component?
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 04 December 2020
Section 34 (2) of the CGST act says that any registered dealer can issue a credit note in relation to supply of goods or services up to a period of six months from the end of the financial year or the date of filing the annual return, whichever is earlier.
It may further be noted that in case time expired goods are returned beyond the time period specified in the sub-section (2) of section 34 of the CGST Act and a credit note is issued consequently, there is no requirement to declare such credit note on the common portal by the supplier (i.e. by the person who has issued the credit note) as tax liability cannot be adjusted in this case. On the other hand, the recipient of tax may be imposed to reverse the input tax credit that had been availed thereon.
Read more at: https://www.caclubindia.com/articles/debit-credit-note-under-gst-42654.asp
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