Late filing GST Credit Note

Interest Rate will be applicable from August 20 to March 21 @ 18% P.A

Thanks Ravinderji

But I want to understand why interest is applicable in this case since Credit Note entered in GST portal in April, and ITC reversal also done in April ?

Surely the supplier couldn't have reduced his Output tax liability in August 2020 without having entered in GSTR1 ?

Please explain and oblige

Regards

Shruthi

Because of material returned in July-20 on delivery challan and Credit Note should be issue in respective month also input credit should be reversed by the Receiver.

Where goods are being transported to the recipient but the tax invoice could not be issued at the time of departure of the goods. under Rule 55(4) of CGST and SGST Rules, 2017 stats that the supplier can issue a tax invoice after delivery of goods 

The time for issuing invoice would depend on the nature of supply viz whether it is a supply of goods or services. A registered person supplying taxable goods shall, before or at the time of removal of goods (where supply involves movement of goods) or delivery or making available thereof to the recipient, issue a tax invoice showing the descripttion, quantity and value of goods, the tax charged thereon and such other particulars has been prescribed in the Invoice Rules.

Thanks Ravinderji and Zafarji for clearing doubt