Time limit for Credit note relating to FY 2019-2020
Time limit for issuing Credit Note with GST- for 2019-2020 invoices.
As per the provision of section 34(2) of CGST Act,2017 time limit to issue Credit note is as under:
“A supplier can issue a credit note against a Tax Invoice on or before 30th September of the next financial year or the date of filing of annual return pertaining to the Tax Invoice, whichever is earlier.”
From the above paragraph it is clear that, cut-off date to claim such credit note benefit on outward supplies made during 2019-20 will be on or before 30th September,2020. Extract of the said provision as under:
“34. (1) Where one or more tax invoices have been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services or both supplied are found to be deficient, the registered person, who has supplied such goods or services or both, may issue to the recipient a credit note containing such particulars as may be prescribed.
(2) Any registered person who issues a credit note in relation to a supply of goods or services or both shall declare the details of such credit note in the return for the month during which such credit note has been issued but not later than September following the end of the financial year in which such supply was made, or the date of furnishing of the relevant annual return, whichever is earlier, and the tax liability shall be adjusted in such manner as may be prescribed:”