Credit note treatment
This query is : Resolved
06 November 2012
Dear Expert,
We have raised bill to client in the month of March-2012 by levying 10% ST. We also paid the ST in the month of March, and in the month of April a credit note was issued for minimizing the bill amount due to rate difference, now at the time of original bill rate was 10% and at the time of issue of credit note the rate was changed to 12%.
Now questions are:
1) How Credit Notes are treated when there is change in rate?
2) In such case how the information to be present in ST-3 Return?
We have raised bill to client in the month of March-2012 by levying 10% ST. We also paid the ST in the month of March, and in the month of April a credit note was issued for minimizing the bill amount due to rate difference, now at the time of original bill rate was 10% and at the time of issue of credit note the rate was changed to 12%.
Now questions are:
1) How Credit Notes are treated when there is change in rate?
2) In such case how the information to be present in ST-3 Return?
07 November 2012
The excess tax paid on account of credit note can be taken credit under Rule 6(3) of ST Rules and shown as adjustment in entry4I(a)(iii) of ST3. Change in rate of tax do not have implication in this case of credit note.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Eway bill not cancelled within 24 hous what can be due
- GST rate and HSN code for sale of racing horses
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
