The GST Council has announced that the date of issuance of the debit note shall determine the relevant financial year for claiming the Input Tax Credit (ITC) on the supply of goods or services. With effect from January 1, 2021, the date of issuance of debit note (and not the date of underlying invoice) shall determine the relevant financial year for the purpose of section 16(4) of the CGST Act, 2017.
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