Credit notes reducing taxable turnover must be deducted when calculating inverted duty structure refunds for returned or rejected supplies.
Case-Laws
GST
Credit notes issued within the prescribed period for rejected or returned supplies reduce taxable turnover because the returned goods no longer form part of the supply. Verified by a Chartered Accountant's certificate, GSTR-1 statements and voucher register, the notes were deductible from gross turnover in determining adjusted total turnover under Rule 89(5) for an inverted duty structure refund of accumulated input tax credit. The Tribunal upheld the deduction and dismissed the Revenue's appeal.
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