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Credit Notes & Debit Notes issued beyond time limit.

CA Sudipta Bandyopadhyay (CA ) (64 Points)

06 July 2020

If credit notes and debit notes issued by a vendor to its party beyond time limit is ignored by the party would there be any consequences under GST Act??

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7 Replies

KRISSHNAN KP (4215 Points)
Replied 06 July 2020

Yes they may effect of loss according to their part

1 Like

CA Sudipta Bandyopadhyay (CA ) (64 Points)
Replied 06 July 2020

Thank you, but see the credit notes and Debit Notes pertains to FY 18-19 have been issued to us now in FY 20-21 i.e; after the expiry of the time limit. So in this scenario if I ignore to give effect of GST would it be fine or would it be counted as an offence under GST Law?

KRISSHNAN KP (4215 Points)
Replied 06 July 2020

If both are silent there's no effect and no offense

1 Like

CA Sudipta Bandyopadhyay (CA ) (64 Points)
Replied 06 July 2020

Thank you for your expedite reply.

KRISSHNAN KP (4215 Points)
Replied 06 July 2020

Your most welcome

Rajkumar Patel (602 Points)
Replied 06 July 2020

It is not considered any offence because provision for issue of credit note and debit note is required to be complied by supplier and by you. You can not reversed any tax or claimed any ITC in respect to that credit note and debit note.

CA Sudipta Bandyopadhyay (CA ) (64 Points)
Replied 07 July 2020

Yes that is why I wanted to be sure that since the time limit has been expired is it possible to ignore with the GST compliances in respect of such notes?? Also I think time limit for DN & CN is 6mths from the end of relevant FY or the dt of annual return, whichever is latter...Correct me if am wrong.