Question 16 - What is the time limit for issue of debit/credit note(s) for revision of prices? - Faq On GST (2nd Edition) Dated 31.3.2017

Q 16. What is the time limit for issue of debit/credit note(s) for revision of prices? Ans. The taxable person may issue the debit/credit note(s) or a supplementary invoice within 30 days of the price revision. In case where the price is revised downwards the taxable person will be allowed to reduce his tax liability only if the recipient of the invoice or credit note has reduced his ITC corresponding to such reduction of tax liability section 142(2).