A credit note (also called a credit memo) is issued by a supplier to reduce the amount owed by a buyer. Under GST, credit notes are governed by Section 34 of the CGST Act and must be issued when the taxable value or tax charged in the original invoice exceeds the actual amount. Common scenarios incl
1 template availableA credit note (also called a credit memo) is issued by a supplier to reduce the amount owed by a buyer. Under GST, credit notes are governed by Section 34 of the CGST Act and must be issued when the taxable value or tax charged in the original invoice exceeds the actual amount. Common scenarios include goods returned by the buyer, post-sale discounts, defective goods, or billing errors. GST credit notes must reference the original invoice number and date, include the reason for issuance, and show the revised tax calculation. They must be declared in the GST return for the month in which they are issued, and cannot be issued after the earlier of September 30 following the end of the financial year or the date of filing the annual return. Our templates ensure full compliance with these requirements.