SEZ SALES RETURN

This query is : Resolved 
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When material supplied to an SEZ unit is rejected and returned, even with replacement documents, you need to correctly account for it. The recommended approach is to treat it as a free supply and reverse any related Input Tax Credit (ITC). You should also issue a credit note to the SEZ party to formalise the return in your books of account.

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(Querist)
22 March 2023 We supplied to SEZ DAHEJ UNIT BUT MATERIAL REJECT & RETURN WITH REPLACEMENT DOCUMENTS NOW WE DECIDE TO DO NOT SUPPLY THE ABOVE REJECT MATERIAL. WHAT KIND OF ENTY PASSED IN OUR BOOK OF ACCOUNT. IF THERE IS ANY GST LIABILTY KINDLY ADVICE.

VIRALC
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
22 March 2023 Treat it as free supply and Reverse ITC related to it.
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Viral

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Viral (Querist)
23 March 2023 sir
required to issue credit note to the party.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 March 2023 Yes, issue credit note.
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