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What is the time limit for issue of debit/credit note(s) for revision of prices?

QuestionsCategory: GSTWhat is the time limit for issue of debit/credit note(s) for revision of prices?
Profile photo of JayeshMehtaJayeshMehta Staff asked 7 months ago

What is the time limit for issue of debit/credit note(s) for revision of prices?

1 Answers
Profile photo of AditaPareekAditaPareek Staff answered 7 months ago

The taxable person may issue the debit/credit note(s) or a supplementary invoice within 30 days of the price revision.
In case where the price is revised downwards the taxable person shall be allowed to reduce his tax liability only if the recipient of the invoice or credit note has reduced his ITC corresponding to such reduction of tax liability – section 153.