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Reversal of invoice dated FY 21-22 in FY 22-23, Goods and Services Tax - GST |
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Reversal of invoice dated FY 21-22 in FY 22-23 |
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One of the customers missed the accounting of tax invoices related to FY 21-22 in their books, and now they are requesting us to reverse those invoices in the current period in our books and re-raise the invoice. Please advice if the same is possible as per GST provisions Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
Credit Note can be issued under provisions of Sec.34(1) and 34(2) r w r 53 provided either there is a difference in the rate or goods mentioned are returned or where goods or services supplied are found to be deficient. None of the conditions mentioned are present. Also the last date for issue of credit note shall be 30th day of November of the subsequent year. Your customer is bound to loose the ITC.
You can re-raise but you cannot adjust the GST that you had paid earlier. You may have to pay GST again which would be a cost to you.
I agree with RaamSrinivasan Sir in toto. This is not a situation prescribed for raising credit note. Further the time limit also seems to be over in this case. Page: 1 |
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