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Credit Notes under GST v/s Commercial Credit Notes: The Ambiguity Among Taxpayers
The issuance of credit notes to the customer is a very common practice in every business. Under GST the provisions of credit notes are governed by section 34 of CGST Act 2017. Instead of issuance of credit notes under GST, sometimes the commercial credit notes or financial credit notes are also issued by the supplier. Accordingly, there is always ambiguity among the taxpayers regarding the difference between GST credit notes and financial /commercial credit notes...................... Read More