CREDIT/ DEBIT NOTE

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This query is : Resolved

Shahan (Querist)

08 October 2022 sir 21-22 ke sep month mein 38052 ru. ka credit note tha wo gstr 1 mein local sale se taxable value adj kardiya but gstr3b mein to actual sale igst mein hai nahi but uski taxable value credit note ki chali gayi ab jab jab igst sale hogi to main gstr 3 b mein jo IGST tax ayega wo hatadunga kya ye sahi rahega sir ke abhi na adj kare PART [ART MEIN KARNA SAHI HOGA YA JAB TAK SUFFICIENT NA AYE IGST TAX

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

06 July 2024 It seems like you’re asking about adjusting a credit note in GSTR-1 and its impact on IGST in GSTR-3B. Here’s a simplified response:

1. Adjustment of Credit Note in GSTR-1:
• If you have issued a credit note in September 2021-2022 for Rs. 38,052 against local sales, you adjust the taxable value in GSTR-1 accordingly. This means you reduce the taxable value of the original sale by the amount mentioned in the credit note.
2. Impact on GSTR-3B (IGST Sales):
• If there were IGST sales in the subsequent periods, you should adjust the IGST tax liability in GSTR-3B by the amount corresponding to the taxable value adjusted due to the credit note.
3. Correct Approach:
• It is correct to adjust the IGST tax liability in GSTR-3B when there are sufficient IGST sales against which the adjustment can be made. This ensures that your tax liability reflects the correct taxable value after adjustments like credit notes.
4. Documentation and Compliance:
• Ensure that all adjustments are properly documented and comply with GST regulations. Keep records of credit notes issued and adjustments made in GSTR-1 and GSTR-3B for audit and compliance purposes.

If you have specific questions or need further clarification on any aspect of GST filing and adjustments, consulting with a GST practitioner or tax advisor would be beneficial to ensure compliance with GST laws and regulations.

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