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The BMC’s controversial credit note policy, where payments to builders were made through credit notes worth Rs. 450 crore for construction of 35,000 projects-affected persons’ (PAP) tenements, is under the scanner for non-payment of GST. Central GST sources said the BMC…
Extract of the Section: Sec.34(1) of CGST Act provides for Credit and debit notes. The extract of said section is given below- “Where one or more tax invoices have been issued for supply of any goods or services or both…
Net ITC is to be reported in Table 4(A) and ITC reversal, if any, is to be reported in Table 4(B) of GSTR-3B.
GST Credit Note As per Amended Sec 34(2) of CGST Act, 2017, now GST Credit Note can be declared in GST return to be filed till 30th November of next Financial Year. Normally October month GSTR 1 will be filed…
Extract of provision: Sec.34(1) of CGST Act, “Where one or more tax invoices have been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable…