GST: Buyers will not be able to claim input tax credit (ITC) if specified sellers or suppliers do not upload the e-invoice ...

Definitions; Term Definition; Credit Memo: A credit memo is a contraction of the term "credit memorandum," which is a document issued by the seller of goods or services to the buyer, reducing the ...

A negative invoice or credit note is a form letter sent from a business/seller to a product buyer. According to BusinessDictionary.com, a credit note states that the business is crediting a ...

According to GSTN, any e-invoice not uploaded within 30 days will be automatically rejected by the IRP. In practical terms, this means that an invoice dated April 1, 2025, must be uploaded by ...

GST e-invoicing mandatory from October 1: Consequences of non-compliance If an invoice is not registered on the IRP, then such an invoice would not be treated as a valid tax invoice for all GST ...

A debit note is separate from an invoice and informs a buyer of outstanding debts. It can also be created by a buyer when returning goods purchased on credit.

GST Network (GSTN) has enabled e-invoicing for taxpayers with Annual Aggregate Turnover (AATO) between ₹5 crore to ₹10 crore. This will help assesses to get ready for new system in advance ...

The credit memo amount cannot be deducted from the original or any other invoice from the vendor. All invoices must be paid in full before the credit memo is processed. This helps to prevent later ...

This restriction will apply to invoice, and there will be no time restriction on reporting debit/credit notes, it added. Giving an example, the GSTN said if an invoice has a date of April 1, 2023 ...

In an advisory, GSTN communicated the time limits with respect to reporting invoices on the e-invoice IRP portals, with effect from May 1, 2023. As per the advisory, taxpayers with PAN-based annual ...