CA Amit Harkhani
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FAQ :
The transaction value is the price actually paid or payable for the supply, provided the supplier and recipient are not related and the price is the sole consideration for the supply.
No, Section 15 of the CGST Act does not provide any specific exclusion from the value of supply in respect to non-recovery of payments or bad debts.
A credit note can be issued if the taxable value or tax charged in the invoice exceeds the actual taxable value or tax payable, if goods are returned, or if goods or services are found to be deficient.
A credit note must be issued no later than September following the end of the financial year in which the supply was made, or the date of furnishing the annual return, whichever is earlier.
Generally, bad debts do not allow for a reduction in GST liability. A reduction in output tax liability is not permitted if the incidence of tax has been passed on to another person.
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