Who is required to be issue Credit Note under GST. List out any three situations in which credit note may be issued under the CGST Act, 2017. What is the maximum time limit available for declaring the credit note in the

Credit note is required to be issued by Supplier. Situations in which credit note may be issued under the CGST Act, 2017: i. If taxable value charged in the tax invoice is found to exceed the taxable value in respect of supply of goods and/or services, or ii. If tax charged in the tax invoice is found to exceed the tax payable in respect of supply of goods and/or services, or iii. If goods supplied are returned by the recipient, or iv. If goods and/or services supplied are found to be deficient. A registered person who issues such a credit note has to declare details of such credit note in the return for the month during which such credit note has been issued but not later than 30th November of the following financial year or the date of furnishing of the relevant annual return, whichever is earlier.