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Reversal of invoice dated FY 21-22 in FY 22-23, Goods and Services Tax - GST

Issue Id: - 119000
Dated: 23-2-2024
By:- Aeka Team

Reversal of invoice dated FY 21-22 in FY 22-23

  • Contents

One of the customers missed the accounting of tax invoices related to FY 21-22 in their books, and now they are requesting us to reverse those invoices in the current period in our books and re-raise the invoice. Please advice if the same is possible as per GST provisions

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Showing Replies 1 to 3 of 3 Records

Page: 1

1 Dated: 24-2-2024
By:- RaamSrinivasan Kalpathi

Credit Note can be issued under provisions of Sec.34(1) and 34(2) r w r 53 provided

either there is a difference in the rate or goods mentioned are returned or where goods or services supplied are found to be deficient. None of the conditions mentioned are present. Also the last date for issue of credit note shall be 30th day of November of the subsequent year.

Your customer is bound to loose the ITC.

2 Dated: 2-3-2024
By:- Shilpi Jain

You can re-raise but you cannot adjust the GST that you had paid earlier. You may have to pay GST again which would be a cost to you.

3 Dated: 10-3-2024
By:- Padmanathan Kollengode

I agree with RaamSrinivasan Sir in toto. This is not a situation prescribed for raising credit note. Further the time limit also seems to be over in this case.

Page: 1

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