Credit note

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This discussion addresses the challenge of adjusting a credit note for goods returned after an inter-state sale in October 2020. The user is seeking a way to reduce their October GSTR-3B sales by the credit note amount, as there's no direct option in the form. Advice suggests waiting for future IGST sales in November or December to offset the credit note, as negative tax values are treated as zero in GSTR-3B according to new guidelines.

Amarnath

Amarnath (Querist)
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21 January 2021 Dear Sir,
We sold our product outside tamilnadu in Sep 2020 and some goods are returned by the party in Oct 2020.so i raised credit note for that and the same time i have no IGST Sales in OCT 20 and same filed and Gstr 1. How can i adjust the credit note for the month of oct 2020 in Gstr 3b Return . please explain sir

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 January 2021 Reduce the Oct month sales to that extent of credit note.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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21 January 2021 There is no option in GSTR-3B, a big loophole . Even the new guidelines also given that it as per GSTR-1 any tax is negative then same is considered as zero in GSTR-3B