Sales Return is more than sales

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This query is : Resolved

Quick Summary

This discussion addresses how to handle sales returns and issue credit notes when your business revenue is impacted, such as during a lockdown. The advice provided suggests raising all credit notes and filing them in GSTR 1 as permitted. For GSTR 3B, which doesn't allow negative values, the recommendation is to adjust the amounts over time until fully accounted for, with the possibility of claiming the credit in the annual return.

jabir aga

jabir aga (Querist)

05 June 2021 Dear Sir,
In February month i have raised 100 Rs invoice and in March my sales in 20 Rs and i need to raise credit not amount Rs 50. But due to lockdown my business is not working and i am sure that till September my revenue will not cross Credit not amount.
than how to show credit not in my GSTR 1 and 3B. if September will cross than as per norms i can not raise credit not for Previous years sales.

Your prompt response and technical knowledge will helpful for us.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

05 June 2021 Raise credit note and show it in GSTR 1 which is allowed. Only problem is GSTR 3b which doesn't allow negative value. Consider it in annual return you will get credit.