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 .....

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..... the invoice. 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 pro .....

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..... vided 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 las .....

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..... t date for 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 adju .....

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..... st the GST 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 .....

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..... situation prescribed for raising credit note. Further the time limit also seems to be over in this case. - Reversal of invoice dated FY 21-22 in FY 22-23 - Query Started By: - Aeka Team Dated:- 23- .....

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..... 2-2024 Last Replied Date:- 10-3-2024 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxma .....

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..... nagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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