If credit notes and debit notes issued by a vendor to its party beyond time limit is ignored by the party would there be any consequences under GST Act??
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Credit Notes & Debit Notes issued beyond time limit.
Replies (7)
Quick Summary
Yes they may effect of loss according to their part
Thank you, but see the credit notes and Debit Notes pertains to FY 18-19 have been issued to us now in FY 20-21 i.e; after the expiry of the time limit. So in this scenario if I ignore to give effect of GST would it be fine or would it be counted as an offence under GST Law?
If both are silent there's no effect and no offense
Thank you for your expedite reply.
Your most welcome
It is not considered any offence because provision for issue of credit note and debit note is required to be complied by supplier and by you. You can not reversed any tax or claimed any ITC in respect to that credit note and debit note.
Yes that is why I wanted to be sure that since the time limit has been expired is it possible to ignore with the GST compliances in respect of such notes??
Also I think time limit for DN & CN is 6mths from the end of relevant FY or the dt of annual return, whichever is latter...Correct me if am wrong.
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