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credit note
what is time limit to issue credit note to reduce output tax liability...
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As per Sec. 34(2) a credit note can be issued at any time but not later than September following the end of the financial year in which supply was made. Hence, if the credit note is pertaining to supply made from July'17 to Mar'18, then the same can be issued before September'18.
A supplier can issue a credit note against a Tax Invoice on or before 30th September of the next financial year or the date of filing of annual return pertaining to the Tax Invoice, whichever is earlier.
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