02 May 2020
I have done export of services in month of july 2019. can i take CN in Month of May 2020? is there any condition of CN under Export ? if i want to ready regarding that kindly given the section detail ?
02 May 2020
There is no issue of generating CN in GST as long as you do it before due date of September 2020 monthly return. However to writeoff debtors RBI guidelines needs to be followed.
03 May 2020
Credit note can be issued currently for any supply either export or domestic of last FY 2019-20. Such credit note can be adjusted uo to September 2020 gstr-3B filing due date. Also need to report in gstr-1 in the month in which it has been issued.
05 May 2020
Please read section 34(1) & (2) of cgst act 2017. It prescribe the supplier to issue credit note and reporting of said credit note in gst return.
08 May 2020
Section 34(2) Any registered person who issues a credit note shall 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
1. September following the end of the financial year in which such supply was made; or 2. The date of furnishing of Annual return, whichever is earlier, and the tax liability shall be adjusted in prescribed manner.
Extract of Section 34 of CGST Act 2017 Section 34 of CGST Act 2017: Credit and Debit Notes (CHAPTER VII – TAX INVOICE, CREDIT AND DEBIT NOTES)
(1) Where one or more tax invoices have been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services or both supplied are found to be deficient, the registered person, who has supplied such goods or services or both, may issue to the recipient one or more credit notes for supplies made in a financial year containing such particulars as may be prescribed.
(2) Any registered person who issues a credit note in relation to a supply of goods or services or both shall 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, and the tax liability shall be adjusted in such manner as may be prescribed: Provided that no reduction in output tax liability of the supplier shall be permitted, if the incidence of tax and interest on such supply has been passed on to any other person.
(3) Where one or more tax invoices have been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to be less than the taxable value or tax payable in respect of such supply, the registered person, who has supplied such goods or services or both, shall issue to the recipient one or more debit notes for supplies made in a financial year containing such particulars as may be prescribed.
(4) Any registered person who issues a debit note in relation to a supply of goods or services or both shall declare the details of such debit note in the return for the month during which such debit note has been issued and the tax liability shall be adjusted in such manner as may be prescribed.
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