Regarding Accounting procedure

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This discussion covers accounting procedures for a GST-registered dealer where a portion of a rice sale was refunded due to weight loss. The advice given is to issue a credit note for the difference and record the relevant accounting entries. It's also confirmed that this credit note entry must be declared in the monthly GST return.

Manjunath

Manjunath (Querist)
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29 September 2020 I had been sold Rice to registered GST delear for rs.200000.Now he has paid Only rs.195000.Due to Weight loss of Rice.So please guide me for regarding entries of accounting in my books of account.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 September 2020 Issue credit note for 5000 and pass entry.

Manjunath

Manjunath (Querist)
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02 October 2020 Thank You sir.And another one question regarding this,after passing the entry is there any needed to show this credit note entry in the monthly gst return?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 October 2020 Yes, show it in GST return.

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