Credit Note

GST / Documents / Credit Note

  • Supplier of Goods or Services only issue credit note with GST in specified situations
  • One Credit Note for multiple tax invoices and multiple credit notes for one tax invoice is permissible
  • Credit Note should be financial year-wise i.e. one credit note cannot cover tax invoices in multiple financial years.
  • Financial credit notes without GST implications can be issued as per normal business practices.
  • Following situations credit note to be issued
    • Taxable Value or tax charged is found to be in excess
    • Goods are returned
    • Goods or Services are found to be deficient
Time limit of Declaration of Debit in GST Return
In month in which it was issued but not later than:
Month of November following the end of FY in which supply is made.
Date of filing of Annual Return whichever is earlier
Credit note with GST cannot be issued in respect of B2C supply as the tax invoice does not have GSTIN.
  • Name, address and GSTIN of the supplier
  • Nature of Document i.e. Credit Note
  • A consecutive serial number not exceeding sixteen characters, unique for a financial year
  • Date of issue of credit note
  • Name, address and GSTIN or UIN, if registered, of the recipient
  • If recipient is un-registered, include details: Name, Address, Address of delivery, State name and State code
  • Serial Number and date of the corresponding tax invoice(s) or bill(s) of supply
  • Value of taxable supply, rate of tax and the amount of tax credited
  • Signature or digital signature of the supplier or his authorised representative
Format CREDIT NOTE - Goods
Format CREDIT NOTE - Services

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