Member
75 Points
Joined April 2020
Sir,
Time limit for issuing credit note by your supplier is also their sep month return or annual return whichever is earlier.
If he issues credit note before that time period, then he can reduce this Rs.100000 GST from his next month output tax liability as you have not yet availed ITC regarding that invoice. and later on he can issue one more invoice to you in this year.
As sep month return date is over, even if he issues credit note now, he cannot adjust Rs.100000 GST to his output tax liability. So, they may not raise a credit note as it is not practically good to them.
So, that ITC amount had been LAPSED and the same will be reflected in your annual return as lapsed credit.