What should be the time limit for issuing the debit or credit notes in Gst laws ? The previous VAT system has been limited with three months from the date of purchase or sale are done. Please exaplain. what is the different advantages of Gst on comparing with VAT system?
What about the composition scheme ? how effect debit note and credit note to composition scheme.?
Bro/sister, there is any any direct provision in gst to curtail this issue, but in indirect means you can resolve this, that is section 34(2),
There are two phases dealing about credit note and debit note
1 . Issue phase
2 . Deceleration phase
Section - 34(2) deals about declaration phase, if you understand 34(2) then you will got solution to issuenc phase
The maximum time limit to dealer debit/credit note in return as per 34(2) is,
A)September of following financial year for SUPPLY MADE IN FINANCIAL year, or
B) Filing annual return for RELEVANT period
Highlights:- For supply made in the financial year and Relevant period
Notes:- If you issue debit note or credit note before the limit specified in 34(2) then only, you able to compute limit specified under 34(2) for decler in return
If you issue beyond the limits under 34(2),then there is no limits for declaration in return, suppose check it, if debit/credit note issued in December of 2018 for supplies made in financial year 2017-18,then your are not in situation to compute three limits specified under 34(2) for declaring in return
Conclusion :- maximum limits specified under 34(2) limits applicable to time limit for issuance of credit note or debit note
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