Understanding GST Credit Note Declaration in Returns Post-30th November

• A credit note is a financial document issued by businesses to credit a client’s account for reasons like cost difference, discounts, damages, etc.
• GST credit notes are issued in cases where the tax imposed is more than the actual tax, taxable value is more than supposed to be, goods or services are deficient, or goods are returned.
• Section 34(2) of the GST Act states that credit notes must be declared in the return by the 30th of November following the end of the financial year in which the supply was made.
• GSTR-1 and GSTR-3B are monthly returns filed by regular assesses, but it is important to understand if they cover the requirement for declaring GST credit notes.

Source: blog.saginfotech.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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