GAT CREDIT NOTE

HI 

CAN SOMEONE  PROVIDE INFORMATION ON BELOW

 

WHEN SUPPLIER  CREATE AND SUBMIT  CREDIT NOTE IN  HIS GST PORTAL  WILL IT REFLECT IN PORTAL OF BUYER - IF YES OK    WHAT IF ITS DOENT REFLECT IN BUYER PORTAL HOW WILL BUEYR KNOW ABOUT IT  BECUASE THERE ARE POSSIBLITY THAT SUPPLIER RAISE CREDIT NOTE AND CLAIM THE INPUT AND BUEYR WHO HAS CLAIM THE INPUT MAY END UP PAYING PENALTY FOR EXCESS CAILM 

 

Replies (5)
Quick Summary
This discussion clarifies how credit notes are handled within the GST system. It explains that suppliers must issue a physical copy of the credit note to the buyer before reporting it on the GST portal. Buyers can verify if a credit note has been issued by checking Part B (ITC reversal) of their GSTR2B. If a supplier fails to provide a physical copy or intentionally omits it while still reporting it on the portal, the buyer can report this to the authorities, potentially leading to penalties for the supplier.

As per section 34 of the CGST Act , Supplier first has to issue Credit Note Copy ( physical Copy ) as per format mentioned rule 53 of the CGST rules to Customer/ Byer , when he creat Credit Note , and then he has to report on portal .

ok what if the supplier try to do any mischive i mean He  dont issue me credit note and  without my knowledge he update credit note on portal  How to check in portal as a buyer   the credit note updated  by seller

Such Credit Note you may view in part B ( ITC reversal ) of GSTR2B ., So check GSTR2B .
Of Supplier provide credit note and file in GST return then its shown in GSTR 2B.

If Supplier not filed then its not in GSTR 2b. in this scenario buyer ask about it.
If supplier intentionally not issuing Credit Note to Buyer/ Customer and only filing in GSTR1 , as you mentioned in your query , same credit note you may view' in GSTR2B , as I mentioned in my earlier reply , however copy of Credit note is important for Audit purpose so registered receipent must obtain credit note copy, from supplier, others wise register receipent can report to department, supplier may penalised under section 125 of the CGST Act . ( contravention of the provisions of GST Act ) for not issuing Credit Note.

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