REVERSAL OF ITC ON PURCHASE AND SALES RETURN OF GOODS
This query is : Resolved
14 February 2020
Kindly specify the time limit for reversal of ITC on purchase returns and sales returns
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
- Unregistered suppliers utility
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- RATE AND HSN CODE
- TDS AND ITR ISSUE
- GST Rate for Catering Services
- FCRA 6 E- Intimation
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
