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Goods Return after one year

ashish dharkar (accountant) (127 Points)

10 February 2024

Dear Sir /Madam,

Buyer goods return after one year I have issued credit note so can i itc reverse or show in block itc as time limit over for goods return.

Best Regards
Ashish

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17 Replies

CA Rashmi Gandhi (Chartered Accountant) (86225 Points)
Replied 10 February 2024

Why you reverse ITC???

sabyasachi mukherjee (26067 Points)
Replied 10 February 2024

Why delay in reversing itr???

ashish dharkar (accountant) (127 Points)
Replied 11 February 2024

What should I do now madam?

sabyasachi mukherjee (26067 Points)
Replied 11 February 2024

Goods return after one year difficult to account for.

CA Rashmi Gandhi (Chartered Accountant) (86225 Points)
Replied 11 February 2024

Sir If you have return the goods then the supplier have to issue credit note, why you have issued. Also ITC was already shown in such credit note so same will reversible in GSTR -3B .

sabyasachi mukherjee (26067 Points)
Replied 12 February 2024

Ensure gst paid and reflection in all other accounts.

ashish dharkar (accountant) (127 Points)
Replied 12 February 2024

Dear Madam,

I am the supplier and buyer given purchase return so what i do now?

Ashish

CA Rashmi Gandhi (Chartered Accountant) (86225 Points)
Replied 12 February 2024

If the time expired goods are returned to the supplier, he or she can issue the credit note. The supplier can issue credit note with GST before 30th september of the following year under section (34)2 of CGST Act. after uploading this credit note the tax liability of the recipient will be adjusted.

If the goods are returned after 30th september of the following year, the supplier can issue the credit note without GST.

GST in respect of goods supplied is already paid to government and no tax liability reduced by you through credit note. So, there is no tax evasion. Also no ITC needs to be reversed as you have not claim any ITC in respect of above said supply.

2 Like

ashish dharkar (accountant) (127 Points)
Replied 12 February 2024

Thank you Mam,

Ashish

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86225 Points)
Replied 12 February 2024

Welcome Sir.

1 Like

RAJA P M ("Do the Right Thing...!!!") (127171 Points)
Replied 12 February 2024

Sorry to come this query... bcoz, I think the query not closed with correct solution

@ Mr Ashish Dharkar,

What about the purchase return...???

Is the Purchase return with GST value or only Basic/Taxable value...

please give details

VIRAAJ VASHISHTH (81 Points)
Replied 16 February 2024

Decoding Returns under Goods and Service Tax (GST)

GST or Goods and Service Tax has been introduced to simplify the taxation process in India. GST has replaced the previous tax structure of VAT, excise duty, and service tax. Under GST, businesses are required to file returns on a monthly, quarterly, or annual basis, depending on their turnover. In this article, we will decode the returns under GST and provide a step-by-step guide to filing GST returns.

Key Terms

Before we proceed to decode the returns under GST, let's understand some key terms:

GSTIN: GSTIN stands for Goods and Services Tax Identification Number. It is a 15-digit unique identification number assigned to every registered taxpayer under GST.
Input Tax Credit: Input Tax Credit or ITC is the credit that businesses receive for the tax paid on purchases. A registered taxpayer can claim ITC for taxes paid on inputs used in their business.
Output Tax: Output tax is the tax charged by a registered taxpayer on the supply of goods or services to their customers.
Turnover: Turnover is the total value of goods or services supplied by a registered taxpayer during a financial year.

Types of Returns

Under GST, there are several types...

To continue reading, click here

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VIRAAJ VASHISHTH (81 Points)
Replied 16 February 2024

Decoding Returns under Goods and Service Tax (GST)

Key Terms

Before we proceed to decode the returns under GST, let's understand some key terms:

GSTIN: GSTIN stands for Goods and Services Tax Identification Number. It is a 15-digit unique identification number assigned to every registered taxpayer under GST.
Input Tax Credit: Input Tax Credit or ITC is the credit that businesses receive for the tax paid on purchases. A registered taxpayer can claim ITC for taxes paid on inputs used in their business.
Output Tax: Output tax is the tax charged by a registered taxpayer on the supply of goods or services to their customers.
Turnover: Turnover is the total value of goods or services supplied by a registered taxpayer during a financial year.