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TMI Blogreversal of input tax credit on financial credit notesX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Expert, Our client have purchased material from reilance industries ltd, as a post sale , if our client paid the amount within due , they issued financial credit notes with out effecting the gst on such credit notices. my query was whether such credit notes issued by reilance industries is taxable under gst Regards, Siva KUmar - Reply By Shilpi Jain - The Reply = It is not compulsory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to issue a credit note with GST even if the conditions under the law are satisfied for its issuance. There is no concept of GST liability on credit notes under GST. So in the present case there is no issue even if a financial CN is issued - Reply By Amit Agrawal - The Reply = As there is no supply per se against issuance of financial credit-notes in nature of post-sale discount, there cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be any gst liability against financial credit-notes so issued. These are ex facie views of mine and the same should not be construed as professional advice / suggestion. - Reply By lagudu sivakumar - The Reply = Thanks for Shilpi Jain and Amit agrawal for your responses. if there are any High court and supereme court judgements regarding the Financial caredit note issues. Please provide an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y court decisions and case laws if any Thanking YOu - reversal of input tax credit on financial credit notes - Query Started By: - lagudu sivakumar Dated:- 17-2-2023 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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