What is the New Time limit for GST Credit Note?

• 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 by 11th November. Thereafter no GSTR 1 will be filed in November month. Therefore, for practical purpose –

a. Maximum time till credit note can be “issued” is 31st October of next Financial Year.

b. And, then such credit note should be declared in October month’s GSTR 1 and 3B.

However kindly ensure to file October month’s GSTR 1 and 3B by maximum 30th November

So, in nutshell, Remember to issue credit note till 31st October of next Financial Year and its disclosure in GST Return to be filed before 30th November.

Don’t get confused and follow wrong practice. Nothing can be done in December month for GST Credit note ( neither issuance or disclosure will be possible )

Thanks –

CA Swapnil Munot