purchase return for composition dealer under GST
This query is : Open
19 October 2017
How to solve the following scenario :
A composite dealer purchased a product of rs 1000 with 100 rs GST,
later this person needs to return the goods to the supplier. How to do so ?
Please note that the composition delaer cannot collect tax or take tax credit of input.
19 October 2017
Purchase: Rs. 1000 + 100 = 1100
Will give Debit Note Rs. 1100...
So, Simple
Ask next doubt...!!
Will give Debit Note Rs. 1100...
So, Simple
Ask next doubt...!!
Message likes :
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CA Altamush Zafar
(Expert)
19 October 2017
The supplier will have to give debit note
19 October 2017
Sorry to say...
Supplier ll give Credit Note...
(I'm waiting for Querist reply. So I'm not telling this one)
Message likes :
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CA Altamush Zafar
(Expert)
19 October 2017
My mistake, the supplier will give credit note
Message likes :
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Rajannaidu
(Expert)
20 October 2017
In this case Supplier has to give the credit note for 1000+ GST Rs.100, The credit note should contains related information regarding transaction made with vendor with tax. Supplier is entitled to take ITC of RS.100 on the strength of credit note.
Credit note can be issued in the following situations
a. The supplier has erroneously declared a value which is more than the actual value of the goods or services provided.
b. The supplier has erroneously declared a higher tax rate than what is applicable for the kind of the goods or services or both supplied.
c. The quantity received by the recipient is less than what has been declared in the tax invoice.
d. The quality of the goods or services or both supplied is not to the satisfaction of the recipient thereby necessitating a partial or total reimbursement on the invoice value.
e. Any other similar reasons
Credit note can be issued in the following situations
a. The supplier has erroneously declared a value which is more than the actual value of the goods or services provided.
b. The supplier has erroneously declared a higher tax rate than what is applicable for the kind of the goods or services or both supplied.
c. The quantity received by the recipient is less than what has been declared in the tax invoice.
d. The quality of the goods or services or both supplied is not to the satisfaction of the recipient thereby necessitating a partial or total reimbursement on the invoice value.
e. Any other similar reasons
Message likes :
1 times
22 October 2017
if the buyer issues only a credit note how can the supplier take input credit on purchase return .?
22 October 2017
Don't be confused Brother...
Buyer ll be give Debit note to Supplier. Also it's inward supplies for Supplier's hand. He take ITC in Sales return (Debit Note)
Message likes :
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23 October 2017
Really good and Appreciate You Dear..
Also You are most welcome...
Message likes :
3 times
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