CREDIT NOTE TREATMENT, VAT + CST

[ranjit kunar]

what is the treatment of credit Note?Suppose invoice done in the month of march'15 and credit note done in April'15.Shall we adjust the credit note with Output tax??What is the period of taking credit note

Posts / Replies

[Pradeep Khatri]

Dear Ranjit,

Please check second proviso of the Rule 26 (1) of the WBVAT Rules, 2005. For your ready reference we are mentioning the relevant text of the aforesaid proviso,

Provided further that subject to the time limit prescribed herein above, adjustment through
debit note and credit note shall be made within nine months from the date of transaction
in question.

Regards,

YAGAY and SUN

(Management, Business and Indirect Tax Consultants)