Answer

1. F

   Facts

   An IRN can be cancelled on the IRP within 24 hours of generation, and only in full. Partial cancellation or editing is not allowed. After 24 hours, corrections are made through credit or debit notes.

2. P

   Provisions and law

   • Rule 48(4), CGST Rules 2017Notified persons must upload invoice details to the IRP and get an IRN
   • Sec 34, CGST Act 2017Credit and debit notes; credit notes must be declared by 30 November of the next year
3. A

   Analysis

   If you raised a ₹4,00,000 invoice instead of ₹40,000, cancel it within 24 hours and issue a new invoice with a new number. If an e-way bill is linked to it, cancel the e-way bill first. After 24 hours, issue a credit note for the excess and report it to the IRP.

4. C

   Conclusion

   1. 1Cancel any linked e-way bill first
   2. 2Cancel the IRN within 24 hours, giving a reason
   3. 3Issue a new invoice with a new document number
   4. 4After 24 hours, use a credit note instead

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.