Apr 19, 2024
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Kindly clarify the accounting treatment of Credit Note while raising Invoice after implementation of GST?
For the purpose of GST law, credit note can be issued to reduce the taxable value or to reduce tax payable or to claim goods return, where the relevant invoice had already been issued and taxable value or tax charged in that tax invoice is in excess. Section 34 of CGST Act, 2017 may be referred to for further details.
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goods-returnimplementationsection-34-of-cgst-act--2017invoicecredit-note