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Credit note

14 May 2020

sir/madam

we sold material in my 19-20
there is rate difference in sum invoice, so, can we raise credit note in this year i.e. 20-21

my doubt is, Will accept this credit note against previous year invoice, while filing gstr1 in May 20. kindly clarify pls

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7 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14805 Points)
Replied 14 May 2020

As per section 34(2) of the CGST act 2017 , you can raise credit note up to September 2020 or annual return whichever is earlier and show in GSTR1 pertains to earlier year .i.e F.Y 2019-20 .

please confirm with others also

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Ramesh Rao (217 Points)
Replied 14 May 2020

Thank you

sukhwani keyur (588 Points)
Replied 14 May 2020

As per section 34(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.

Therefore GSTR1 of May2020 will accept credit note against previous year's invoice. Just ensure that you do not make any mistake while entering orinigal invoice date and original invoice number in table of Credit/Debit Note in GSTR1.