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GST CREDIT NOTE QUERY

Ajnas (Student) (844 Points)

07 March 2021

GST credit note Rs.100000+18% GST is reported in the December 2020 mo nth but not reported in the GSTR 1 then subsequent February 2021 it is reported in the GSTR 1 is any problem? is any is interest is applicable? what is rate of interest?

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7 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 07 March 2021

Credit note should be issued On or before the thirtieth day of September following the end of the financial year in which such supply was made, or
The date of filing of the relevant annual return for the financial year,
whichever is earlier.
You can file in GSTR 1 in February 2021

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Ajnas (Student) (844 Points)
Replied 07 March 2021

Is interest is applicable in this case?

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 07 March 2021

I think no interest will be charged

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 08 March 2021

If the same has been duly declare in your GSTR 3B in December month only then Interest is not applicable.

Ajnas (Student) (844 Points)
Replied 08 March 2021

Credit note reported in GSTR 3B December 2020 but not reported in GSTR 1 December month, but reported in subsequent month GSTR 1 then is any problem? is any interest?