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
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Section 50-fixed asset-->building ceases to exist
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Regime change
- Consolidated financials
- 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
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
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
