Dear Sir,
We purchase Air Conditions of Rs. 7,00,000/- in the FY20-21 and charged depreciation on it for the FY20-21 & FY21-22.
And in the FY22-23 we received a credit note of Rs. 3,00,000/- from the vendor.
We decreased the assets value from Rs. 3,00,000/-.
Please suggest the treatment of Depreciation(As per Company Act & Income Tax Act).
As per section 34 of the CGST Act last month to issue GST Credit Note for F.Y 20-21 was September 21 or date of Annual return whichever is earlier and in your Case GST Credit Note was issued in F.Y 22-23 which itself may not be correct , please refer Section 34 of the CGST Act 2017 .
Take other Opinion as well .
@ Karandikar
How Can he issue Credit note of F.Y 20-21 in F.Y 22-23 which is suppose to be issue before September 21 as per section 34 of the CGST Act ? please mention relevant section .
CAclubindia
