Reversal of invoice dated FY 21-22 in FY 22-23

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..... Reversal of invoice dated FY 21-22 in FY 22-23
Query (Issue) Started By: - Aeka Team Dated:- 23-2-2024 Last Reply Date:- 10-3-2024 Goods and Services Tax - GST
Got 3 Replies
GST
One of th .....

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..... e 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 invoi .....

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..... ce. Please advice if the same is possible as per GST provisions Reply By RaamSrinivasan Kalpathi: The Reply: Credit Note can be issued under provisions of Sec.34(1) and 34(2) r w r 53 provided eith .....

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..... er 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 .....

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..... issue of credit note shall be 30th day of November of the subsequent year. Your customer is bound to loose the ITC. Reply By Shilpi Jain: The Reply: You can re-raise but you cannot adjust the GST .....

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..... that you had paid earlier. You may have to pay GST again which would be a cost to you. Reply By Padmanathan Kollengode: The Reply: I agree with RaamSrinivasan Sir in toto. This is not a situation pr .....

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..... escribed for raising credit note. Further the time limit also seems to be over in this case.
Discussion Forum - Knowledge Sharing .....

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