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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
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
