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DEBIT NOTE RELATED ISSUE

08 August 2023

The buyer issued me a debit note in fy 2021-22 in march 2022 for rs. 741034 (gst amount - 113039) but by some mistake i forgot to claim gst benefit of it.
so can i claim now in fy 2023-24?
if not then is there any way to claim it because if i don't claim it then it will be a huge loss for me.

kindly help me please

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4 Replies

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 08 August 2023

No, Not possible to claim in Current FY...

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prasad Nilugal ( GST Practitioner & Accounts ) (14536 Points)
Replied 08 August 2023

As per section 34 of the CGST Act, only Supplier Can issue GST Credit Note reasons mentioned in section 34 , and report in GSTR1 and GSTR3B , therefore you must have to issue credit note that time . last date to issue credit note for F.Y 21-22 was September 22 as per section 34 of the CGST Act.

( As per section 34 of the CGST Act Supplier Can only issue Credit note or Debit note as the Case may and report in return )

please refer section 34 of the CGST Act.

Please take others opinion as well .

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 08 August 2023

Yes, As per said Sec and the rule with provisions is exactly correct...

Supplier only can update in GSTR 1 return for the DEBIT NOTE as CREDIT NOTE which is received from buyer.

In industry the said returnable goods may be through DC or Debit note...

Otherwise it's based on the mutual understanding with Seller and Buyer...