Gst return query
This query is : Resolved
02 September 2019
Please tell me what to do. Our customers returns material and they are showing in their GSTR1 as Sales to us. Is this practice correct? Whether we should also record this Sales return as Purchase?
02 September 2019
This is the industry practice which is currently being followed. In case your customer is not issuing any credit note for the sales return and instead, they are raising an invoice and reflecting in their GSTR 1, then in your books you can take the credit of the GST charged and reduce your sales for the gross amount. So, the entry would be sales account debit, GST input account debit and customer account credit.
02 September 2019
But why this practice is followed as logically this is incorrect.
02 September 2019
To ease the process. As if a credit note is raised then most of the customers are not reversing the credit accordingly.
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
- Difference between Date of Payment and Date of Deduction?
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- EXPORT COMMERCIAL INVOICE HSN CODE
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Cash balance limit and property purchases limit
- Non-Compliance documents have not been submitted by the contractors debited
- 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
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
