The supplier can issue the credit note in respect of a tax invoice which has been issued by him earlier.
Credit Note should be issued by earlier of the following dates:
1. Date of filling of Annual return in which the Original Tax Invoice was issued; OR
2. 30th September of the FY immediately succeeding the FY in which the original Tax Invoice was issued, Whichver is earlier
Query 1). In case supplier issued credit note after above mentioned time limit supplier is liable to pay adjusted credit note amoun t to GST Department?
Query 2). 1 st Query, is any interest is applicable? What is rate of interest? 18% or 24%?
Query 3). Receipent can reclaim ITC? How to reclaim? Supplier is required to issue debit note for credit note issed earlier after credit note issue Time limit?
CAclubindia
