Input credit reversal for the FY2023-24
This query is : Resolved
Shankar Rao
(Querist)
16 November 2024
Dear Sir,
We have purchased some items in oct2023 based supplier invoice we have availed input credit in same period. present i.e nov2024 we return that material due to not suitable to us, supplier also agreed and passed the credit note to us.
Now we have to pass debit note from us and reverse the input credit proportionately for this case we need to pay interest on reversal amount.
We have purchased some items in oct2023 based supplier invoice we have availed input credit in same period. present i.e nov2024 we return that material due to not suitable to us, supplier also agreed and passed the credit note to us.
Now we have to pass debit note from us and reverse the input credit proportionately for this case we need to pay interest on reversal amount.
CA R SEETHARAMAN
(Expert)
16 November 2024
Reversal based on credit note no interest payable.
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