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Credit note issuance

preeta prakash (32 Points)

20 May 2022

what is the time limit for issuing credit note

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7 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14221 Points)
Replied 20 May 2022

For F.Y 21-22 , It's September 22.

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 20 May 2022

There is no time limit for debit or credit note under GST.

There is time limit for claiming ITC .

prasad Nilugal ( GST Practitioner & Accounts ) (14221 Points)
Replied 20 May 2022

Refer section 34 of the CGST act 2017.

sabyasachi mukherjee (26263 Points)
Replied 20 May 2022

Credit note issuance must be within the same financial year. After finalization of accounts and balance sheet adapted by the company there cannot be any issuance of credit note of last year.

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 20 May 2022

You can also check rules for amending invoices

prasad Nilugal ( GST Practitioner & Accounts ) (14221 Points)
Replied 20 May 2022

It is clearly mentioned in section 34 of the CGST 2017, last month to issue Credit Note is September . please refer.

CA Puja Sharma (Chartered Accountant) (4894 Points)
Replied 20 May 2022

GST Credit Notes against the supply of goods or services can be issued not later than September following the end of the financial year in which such collection was made, or the date of furnishing of the relevant annual return, whichever is earlier