Credit notes

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Vishnu (Querist)

16 April 2018 We have recieved credit notes from the supplier .. should we consider in the month of march for the financial year 2017-2018 or can we consider before September .. as the ACT says
The details have to be declared on earlier of the following dates:

September following the end of the year in which such supply was made,
the date of filing of the relevant annual return

Kindly clarify

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

16 April 2018 The person who issues a credit note in relation to a supply of goods
or services or both must 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.

Message likes : 1 times

Vishnu

Vishnu (Querist)

16 April 2018 Chakrapani sir thanks for the clarification that means the receiver has to show it in the same month he receives..Is it right

RAJA P M

RAJA P M (Expert)

17 April 2018 Yes... The Receiver account the credit note* as per supplies* received date...

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

30 October 2026 Under current law the supplier must declare the credit note by 30 November after the end of the FY of the original supply (or the annual return date, if earlier) (Sec 34(2)); the recipient reverses the matching ITC in the GSTR-3B of the month the note appears in GSTR-2B/IMS, not by choice of month.

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