Goods Sale bill issued on 10/10/2019 but due to some reasons credit note issued on 04/08/2020. 1st Situation : So my Question is that can we reported the credit note and reduce sale amount of Aug 2020 in Aug 2020 GSTR-1.
2nd Situation : if we issued credit note on 15/10/2020 then can we reported the credit note and reduce sale amount of Oct 2020 in Oct 2020 GSTR-1.
4 Replies
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 07 December 2020
You can if return not filed by you in both situations
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 07 December 2020
In 2nd situation you won't be able to reduce your tax liability (Refer Section 34) .
APURBA CHATTERJEE
(QUALIFIED CHARTERED ACCOUNTANT)
(604 Points)
Replied 08 December 2020
In first situation you can issue credit note.
But in second situation, a credit note can be issued only till 30th September following the end of the financial year in which supply related to such credit note was made. As per circular 72/46/2018 dated 26.10.2018, there is no time limit to issue credit note but only for effecting ‘tax adjustment’. So credit note can be issued without tax adjustment.
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