Question 35: We have raised the tax invoice (4755995+ 9% 428239 + 9% 428239= 5612074) dated 01.12.2017.
Now today ie on 25.03.2018 we came to know that we have charged 18 % instead of 12%.

Two questions:
1. can we raise credit note with full amount rs 5612074 and issue new invoice on 25.03.2018.
2. or to raise credit note with differential amount. (plz answer with numerics)

all the returns have been filed.


Answer The correct procedure is to raise credit note of the difference amount
when the ITC to the tune of credit note is reversed by the receiver of supply then supplier will get the reduction in the out ward tax liability (reply dt. 04/30/2018)