Sale invoice issued below purchase rate

This query is : Resolved

ARUN GUPTA (Querist)
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30 April 2023 We sold goods by issue of eway bill below purchase rate by mistake. How will we rectify the rate difference as goods already dispatched by eway bill! Pl clarify the process?

ARUN GUPTA

ARUN GUPTA (Querist)
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30 April 2023 How and where we will show debit note in gst returns? Will debit note be shown in returns?

CA SANDESH MAHIPAL

CA SANDESH MAHIPAL (Expert)
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01 May 2023 You are correct, DN need to be issued. It will be shown in GSTR 1 and after that value will auto populate in gstr3b in table 3. But be ready for interest applicability for Debit Notes. Regards

ARUN GUPTA

ARUN GUPTA (Querist)
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01 May 2023 In above case we will issue credit note of rate difference. How interest is applicable in above case?

ARUN GUPTA

ARUN GUPTA (Querist)
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01 May 2023 Please clarify whether debit note Or credit note will be issued by me?

CA. Bhavik P. Chudasama

CA. Bhavik P. Chudasama (Expert)
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01 May 2023 You will issue Debit Note so that Sale Price can be increased

ARUN GUPTA

ARUN GUPTA (Querist)
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01 May 2023 Yes thanks very much for your valuable support

ARUN GUPTA

ARUN GUPTA (Querist)
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02 May 2023 Can we issue credit note to our customer as we over priced them by mistake. Our item have 5% gst. How will we show gst in the credit note? Our item is cloth and price charged was Rs35/ per metre. We over priced.. 50p per metre excess? How will we write in the credit note? Total cloth supplied was 30000 metres by eway bill. What will we mention in the credit note for correction of overpricing? Please give the complete format of credit note?

CA. Bhavik P. Chudasama

CA. Bhavik P. Chudasama (Expert)
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02 May 2023 Sir Kindly Clear the query because initially you mentioned that Sales Price was less than Purchase Price and all the Answers Posted are in relation to Increasing the Price

ARUN GUPTA

ARUN GUPTA (Querist)
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02 May 2023 Yes actually we purchased goods from the supplier. The supplier over priced the goods@.50p per metre. So can the supplier issue credit note to us . How will he issue credit note. What will he write in credit note? Rate difference or discount? How gst will be shown? Please clarify!

ARUN GUPTA

ARUN GUPTA (Querist)
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02 May 2023 How will we show the credit note in our books of accounts? How gst will be shown by us in books of accounts?

ARUN GUPTA

ARUN GUPTA (Querist)
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02 May 2023 How will we show the credit note in our books of accounts and gst amount involved?

CA. Bhavik P. Chudasama

CA. Bhavik P. Chudasama (Expert)
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02 May 2023 Since your case you need to reduce Debtor's Balance then you will have to issue Debit Note
You will have to mention Rate Difference in Debit Note and accordinly Party Balance and GST Ledger will be reduced and similarily sales account will be reduced

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