REVERSAL OF ITC ON PURCHASE AND SALES RETURN OF GOODS
This query is : Resolved
K.Balamurugan
(Querist)
14 February 2020
Kindly specify the time limit for reversal of ITC on purchase returns and sales returns
CA Anita Bhadra
(Expert)
16 February 2020
For Sales Return, the supplier needs to issue a credit note and time limit for issuing credit note is 20th Oct of the following year ( due date of filing return for Sep of the following year)
For purchase return, the recipient can not issue a debit note and it is advisable that he will return the goods under fresh invoice and pay the tax on such returned sale. Automatically, ITC on purchased return will get reversed.
For purchase return, the recipient can not issue a debit note and it is advisable that he will return the goods under fresh invoice and pay the tax on such returned sale. Automatically, ITC on purchased return will get reversed.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
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
