Sales Return Treatment in GST Returns and Financials
This query is : Resolved
30 November 2019
Hi,
A Trading company has treated sales return differently while filing GST Returns and disclosing the same in Financial Statements.
In GST Returns, they have included the value in ITC.
In Financials they have reduced the value from Sales.
How to disclose the same in GSTR-9 and GSTR 9C.
Thanks,
A Trading company has treated sales return differently while filing GST Returns and disclosing the same in Financial Statements.
In GST Returns, they have included the value in ITC.
In Financials they have reduced the value from Sales.
How to disclose the same in GSTR-9 and GSTR 9C.
Thanks,
CA PARTH SHAH
(Expert)
02 December 2019
Option -1. Reduce Tax amount from outward tax liability and reverse the ITC amount which was added earlier in GSTR-9.
Option -2 Give this effect in 9C with giving appropriate reasons with discrepancy with GSTR-9.
Since there will be no change in net tax liability, its not a problematic issue. However it is advisable not to take the Tax of Sale return in ITC as there will be issues in Reconciliation of ITC in books with 2A.
Option -2 Give this effect in 9C with giving appropriate reasons with discrepancy with GSTR-9.
Since there will be no change in net tax liability, its not a problematic issue. However it is advisable not to take the Tax of Sale return in ITC as there will be issues in Reconciliation of ITC in books with 2A.
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