Question ID :
ABC has rendered services of work contract at the site of DEF in FY16-17 (i.e. pre GST period) and tax and return of the same been duly deposited. Now, on account of deficiency of services, the two parties settled their account in FY20-21 in respect of the work done in the year 2016. Now to settle the account, ABC has to issue credit notes in respect of work done in FY16-17 on a/c of deficiency of services in FY20-21.
Query- What will be the effect of Tax/ GST on credit notes to be raised by ABC?
Aug 17, 2020