CREDIT NOTE, Goods and Services Tax - GST

[AKHIL MITTAL]

THANKS FOR THE REPLY. THE DISCOUNT POLICY WAS DECIDED AT THE TIME OF SALE, BUT WE ARE MANUFACTURER OF FOOTWEAR & DON'T WANT TO REVERSE THE GST AS THE REFUND UNDER INVERTED DUTY STRUCTURE HAS ALREADY BEEN CLAIMED. CAN WE ISSUE CREDIT NOTES WITHOUT REVERSING GST PLEASE REPLY SPECIFICALLY.

Posts / Replies

[DR.MARIAPPAN GOVINDARAJAN]

In my view it is not possible.

[KASTURI SETHI]

You cannot enjoy the benefits of both worlds. I agree with the views of Dr.Govindarajan Sir.

[YAGAY ANDSUN]

In our view it is possible, provided your customer do not revert the ITC. Law is very specific in this regard.

[CS SANJAY MALHOTRA]

Yes, credit notes can be issued without charging GST as none stands to loose. You are neither claiming reduction in your output tax liability nor your client is reversing same. Govt revenue is not impacted.

This is the best option majority of industrial players follow.

[YAGAY and SUN]

This practice is practical and convenience and hence is being followed by the majority of assessee.