How to show sales return in gstr1 and books
This query is : Resolved
31 August 2019
We made a Sales to a vendor and later on vendor returned the goods and in the books we booked Sales return and raised a Credit note to Vendor.
Now vendor asking us not to show this sales return in GSTR1 instead treat this transaction as Purchase. Is it correct?
They return material to us and show this as Sale to us in their GSTR1. This practice followed by them is right?
Now vendor asking us not to show this sales return in GSTR1 instead treat this transaction as Purchase. Is it correct?
They return material to us and show this as Sale to us in their GSTR1. This practice followed by them is right?
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.
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- Non-Compliance documents have not been submitted by the contractors debited
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST Rate for Catering Services
- FCRA 6 E- Intimation
- Bank details not Visible on Traces Portal
- 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
- EXPORT PAYMENT
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
