Can we issue credit note for the income issued in PY
This query is : Open
Jasmeen Marwah
(Querist)
04 July 2020
We have booked some income in the year 2018-19.but not received the payment yet can we issue credit note now .we have not yet filed gstr 1 March 2020. Can we issue credit note in this return
Hemal Makwana
(Expert)
05 July 2020
you can issue credit for the invoices issued in previous FY. hence, for FY 2019-20, you can issue credit note till September 2020 and adjust tax liability. but for FY 2018-19, you can still issue credit note but no tax adjustment, so u would have to issue commercial credit note. no need to discuss in returns.
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