Credit notes issued under gst

ITC / Input 327 views 5 replies

Preetam

sfsadf

41 Points Joined September 2010

If I have issued a invoice on 01/07/2017, and a credit note for that invoice on 15/01/2018.. There was a provision that the itc for the issued credit note cannot be claim as it is issued after 180 days of invoice date i.e. 01/07/2017.

But I have read a new provision that ITC can be taken for credit notes issued,

1) Before due date of Filing Annual Retun for relevent FY i.e. 31st Dcember 2018

2) Due date of Filing GST return of September of next FY i.e. 20th October 2018

Please help me clearnig whether I can avail the ITC of Credit Note issued on 15/01/2018 in my above mentioned case

THANKING ALL IN ADVANCE

Replies (5)

Rohit Tibrewal

Student

3193 Points Joined February 2011

There is no such provision as per my knowledge

There was a provision that the itc for the issued credit note cannot be claim as it is issued after 180 days of invoice date i.e. 01/07/2017.

So, please acknowledge us with details.

Preetam

sfsadf

41 Points Joined September 2010

Yes, that is exactly what I think. There is no time limit for issuing a credit note.

but the output liability can be reduced by claiming the debit note within September of next FY.

Sec 34(2) states "Any registered person who issues a credit note in relation to a supply of goods or services or both shall declare the details of such credit note in the return for the month during which such credit note has been issued but not later than September following the end of the financial year in which such supply was made, or the date of furnishing of the relevant annual return, whichever is earlier, and the tax liability shall be adjusted in such manner as may be prescribed:"

please correct me if I am going wrong anywhere

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

yes agree with Mr preetam

1.The clause of 180 days :
Payment to supplier should be made within 180 day for the bill for which ITC has been claimed.
2. Any missed bill, dnt,cnt etc can enter till sept. next fy or annual return which ever is earlier.