Amendment of Section 34: Extension of Credit Note Issuance Deadline
Section 34 of the Central Goods and Services Tax Act has been amended to change the deadline for issuing credit notes related to goods and services. Previously, credit notes had to be issued by the end of September following the financial year in which the supply was made. The amendment extends this deadline to the 30th of November of the following financial year. This change provides businesses with additional time to issue credit notes, which are used to correct or adjust invoices for various reasons, such as returns or pricing errors. By extending the deadline, the amendment aims to offer more flexibility and alleviate pressure on businesses in managing their financial documentation and compliance requirements.
Note: It is an AI generated summary for reference purpose only.
Amendment of section 34.
102. In section 34 of the Central Goods and Services Tax Act, in sub-section (2), for the word “September”, the words “the thirtieth day of November” shall be substituted.
