Last date to issue GST Credit Note or Debit Note of FY 2018-19

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Credit Note

Goods were sold by Mr.  A on 01.08.2018 for Rs 10000 (plus GST@12%) to Mr. B.

Mr B returned Goods of Rs 1000 (Plus GST @ 12%) on 31.12.2018.

1. By which date Credit note can be issued?
2. Who has to issue Credit Note?

Answer

1. Credit Note of FY 2018-19 can be issued till Earlier of Following
2. 30^th September 2019 or
3. Date of Filing Annual Return for FY 2018-19
4. Only Supplier can issue the Credit Note

Commercial Credit Note

Financial/Commercial Credit Note without GST can be issued. Financial/commercial credit note means credit note other than that specified in CGST Rules, i.e. without any GST implication.

Such credit note (without GST) is not required to be uploaded in GST returns (GSTR1).

This has been specifically permitted vide Para D of CBI&C circular No. 92/11/2019-GST dated 7-3-2019 – view reiterated in para 5 of CBI&C circular No. 105/24/2019-GST dated 28-6-2019.

Credit Note can be issued without GST  .

1. CreditNote with GST cannot be issued on account of renegotiation of prices after supply, if price is reduced. In such cases, credit note should be issued without showing GST. [Confirmed in CBI&C circular No. 72/46/2018-GST dated 26-10-2018 though in different context].
2. No credit note with GST for bad debts (if the Debtor does not make the payment).

• No Credit Note under GST if Goods are returned after 30th September of following year, the manufacturer-supplier can still issue creditnote but without GST.

Debit Note

Goods were sold by Mr.  A on 01.08.2018 for Rs 10000 (plus GST@12%) to Mr. B.

However later on it was discovered that GST rates should be 18%.

• By What date Debit Note can be issued for FY 2018-19?
• Who has to issue Debit Note?

Answer

• Debit note has to be declared in the GST Return (GSTR1) for the month in which it has been issued. (Along with interest from due date of tax)
• Supplier (Mr A) has to issue Debit Note.