- Suppliers can issue credit notes to buyers for various reasons, such as errors in the original invoice or returned goods
- Recipients must reverse input tax credit before adjustments are claimed by suppliers
- The amendment aims to prevent revenue leakage and double tax benefits
- The change is based on GST Council recommendations and may face legal challenges from suppliers
Source: a2ztaxcorp.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
