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Credit Note Against March 2018 Invoice

Manoj Bhardwaj (51 Points)

19 December 2018

Dear Experts,

Can we issue credit note against our March 2018 Sale Invoice in November 2018

Regards
Manoj

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4 Replies

Prajwal Shetty (Artical Assistent) (237 Points)
Replied 19 December 2018

No, Since the time limit has expired.

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Ashwini (Accountant) (141 Points)
Replied 19 December 2018

what is the time limit?

Ravi SADhiyan (Practice) (4510 Points)
Replied 19 December 2018

Originally posted by : Ashwini
	what is the time limit?

In terms of Section 16(4) of the CGST Act, a registered person is not entitled to claim input tax credit in respect of any supply of goods or services after the earlier of following two events:
(a) Due Date of filing of the return under Section 39 of the Act for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains, i.e. 20th October

(b)	Furnishing of the annual return. In terms of Section 44, the due date of filing annual return is 31st December following the end of the financial year.

However, as provided in Rule 37(4), the above time limit is not applicable where a claim is made for re-availing of any credit that had been reversed earlier due to non-payment of consideration within 180 days of date of issue of invoice by the supplier.

Further, in cases of credit in special circumstances like new registration, voluntary registration, etc. the credit will not be available after the expiry of one year from the dateof issue of tax invoice