Credit Note

Maximum time limit and to reverse the GST output liability: Earlier of: The date of furnishing of Annual return for the FY in which the original tax invoice was issued or Return for the month of September immediately succeeding the FY in which the original tax invoice was issued (i.e. for a tax invoice issued in April 2019 as well as a tax invoice issued in March 2020, the relevant credit notes cannot be issued after September 2020) If this period lapses, then a financial credit note can be issued but GST output liability cannot be adjusted in this case.

Deepak Gupta

CA Inter

★ 1K+

25-Dec-20 17:44

Thank u sir , simply we can issue credit note before annual return!

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

25-Dec-20 17:55

Normally 31st December of the next FY is the due date of annual return, unless extended by the department. So, if you have issued a invoice in FY 2019-20 and you have filed the Sep-2020 GSTR-3B (i.e. by 20th October), then? So, i think better to remember both the dates (i.e. earlier of...)

Deepak Gupta

CA Inter

★ 1K+

25-Dec-20 18:10

Okei ...Sir ..Fine ...Thank u very much for the proper answer

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

25-Dec-20 21:34

Hi , Sir Reversal provision is whichever is earlier , if september months return , we not do the correction , can do in the annual return?

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

26-Dec-20 12:47