Judgement – Tax on credit notes issued taken in ITC in place of entering in GSTR-1
Tax on credit notes issued taken in ITC in place of entering in GSTR-1
Tag: credit note
Demand should not be raised when negative taxable and invoice value arise due to erroneous reporting of Credit Notes
The Hon’ble Madras High Court in the case of Oasys Cybernetics Private Limited disposed of the writ petition by setting aside the assessment order in case where the total taxable and invoice value was in negative due to erroneous reporting of Credit Notes as Input Tax Credit, thereby holding that, the demand should not be raised when there is no loss caused to the government in the aforesaid scenario.