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Input credit reversal for the FY2023-24

This query is : Resolved

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Shankar Rao

Shankar Rao (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 November 2024 Reversal based on credit note no interest payable.

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