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Credit notes received from supplier

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 November 2018 Dear Experts,

i have received credit notes from my supplier, pls explain clearly the treatment in GSTR-3B ,
how can adjust against outward liability in GSTR3B, please explain in brief.

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Expert : Anonymous

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Expert : Anonymous (Expert)
21 November 2018 Credit note received from Your supplier then the Tax value will be less in your ITC value...
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Querist : Anonymous

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Querist : Anonymous (Querist)
22 November 2018 sir, as per your answer i understand that the value of tax in credit should be reduced in ITC value, i have to adjusted any outward supply value or not, sir please guide me clearly.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
25 November 2018 If the Credit Note amount = taxable value (Rs. 100) + GST (Rs 18)
In GSTR 3B you will reduce Rs. 100 from the outward supplies and reduce Rs. 18 from the tax liability
In GSTR1 the credit note will be shown separately
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RAJA P M

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RAJA P M (Expert)
25 November 2018 The "CREDIT NOTE" received from supplier. It's not shown in buyers GSTR 1...
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