Debit note to vendor for recovery of itc loss
This query is : Resolved
Quick Summary
20 August 2021
Dear Experts,
If we are raising debit note to vendor for itc loss recovery. should we also charge gst on it?
Also tell accounting entry.
Is this corrrect entry:
vendor dr.
itc loss recovered cr under duties and taxes
If we are raising debit note to vendor for itc loss recovery. should we also charge gst on it?
Also tell accounting entry.
Is this corrrect entry:
vendor dr.
itc loss recovered cr under duties and taxes
CA R SEETHARAMAN
(Expert)
20 August 2021
Yes, it's the right entry.
GST not applicable on such recovery.
GST not applicable on such recovery.
CA Altamush Zafar
(Expert)
22 August 2021
If we are charging money for any loss separately then GST applicable.
Lekhraj sood
(Expert)
24 August 2021
GST is not applicable as it is not a supply.
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