Explains the legal situations where suppliers can correct excess GST through credit notes. Highlights that reduction in tax liability is conditional on timelines, ITC reversal, and absence of unjust ...

A negative invoice or credit note is a form letter sent from a business/seller to a product buyer. According to BusinessDictionary.com, a credit note states that the business is crediting a portion of ...

As on September 17th, 2020 the GSTN Portal has enabled the facility to delink the credit & debit notes from their original invoices for the ease of compliance & reduction of workload on the taxpayer.

The article highlights conflicts between Sections 9 and 35 of the CGST Act when post-supply adjustments arise under reverse charge. While imports of goods are partly clarified, services remain legally ...

The GST Council has eased compliance for businesses, particularly FMCG companies, by removing the requirement to link credit notes to specific invoices. This change addresses a long-standing pain ...

The federal government does not levy sales taxes on items, but most state governments charge varying rates of sales taxes on a range of taxable products. If your business is based in any of these ...