CA - Ankg & Associates

GSTN Portal has introduced the Offline utility 2.4 version on 14th September, 2020 whereby delinking of credit / debit Notes with individual Tax Invoices has been provided.

Read my complete article on “Journey of Delinking of Credit / Debit Notes With Tax Invoice in GST and Associated Critical Issues” as published by India’s leading publisher on Taxation and Corporate Laws – Taxmann.com

Click on below Updated link

https://gst.taxmann.com//fileopennew.aspx?id=105010000000018565&mode=home&page=ts

Further Expectation from GST Council

It is expected that GST council should take up the matter of ‘how this matching of credit / debit note as may be issued by the supplier for the purpose of  reducing GST levy by the supplier / availing input tax credit by the recipient will be done’  in upcoming GST Council meet.

Further CBIC is also expected to come up with some clarification in this issue.

Another important issue which also needs attention is option to include financial credit notes issued (credit notes without GST) by the supplier. Inclusion of financial credit notes in GST Returns will resolve many issues like matching of turnover in GSTR 9 & GSTR 9C with Balance Sheet, matching of turnover under GST with that of Income Tax and Balance sheet, subject to no sales made to distinct person.

Link to read Article Publish by Taxmann.com

https://gst.taxmann.com//fileopennew.aspx?id=105010000000018565&mode=home&page=ts