Determine the situations which can require the issuance of a Credit Note. What is the maximum time limit available for declaring the credit note in…

(a) (b) alternative Situations requiring issuance of credit note under GST: (1) The supplier has erroneously declared a value which is more than the actual value of the goods or services provided. (2) The supplier has erroneously declared a higher tax rate than what is applicable for the kind of the goods or services or both supplied. (3) The quantity received by the recipient is less than what has been declared in the tax invoice. (4) The quality of the goods and/or services supplied is not to the satisfaction of the recipient thereby necessitating a partial or total reimbursement on the invoice value. (5) Any other similar reasons Maximum time limit for declaring the credit note: The details of credit note shall be declared in the return for the month during which such credit note has been issued but not later than: (a) 30th November following the end of the financial year in which such supply was made, or (b) date of furnishing of the relevant annual return, whichever is earlier. Credit note under GST cannot be issued in case secondary discounts are allowed by the supplier since the tax liability of the supplier does not get reduced in such case.