The GST Model law has defined the time limit for issue of tax invoices, revised bills, debit notes and credit note. In this article, we will discuss all of these in detail.
A registered taxable person who supplies taxable goods has to issue a issue a tax invoice showing the description, quantity and value of goods, the tax charged thereon and such other particulars as may be prescribed:,
Where successive statements of accounts or successive payments are involved, the invoice shall be issued before or at the time each such statement is issued or, as the case may be, each such payment is received.
whichever is earlier. It may be noted that annual return is required to be filed under section 30(2) on or before 31st December of the financial year following the relevant financial year. In cases where such annual return is filed after 30th November, the time limit for issuing credit/debit note will be 30th November only.
*Subject to CBIC notification, following the Finance Bill 2022 introduced in Budget 2022 on 1st February 2022.
According to proviso to section 24(1), no credit note shall be issued by the taxable person if the incidence of tax and interest on such supply has been passed by supplier to recipient.
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