Menu
Bill paid by lower tax rate
A part sold by 18 % GST, and filed return accordingly, but purchase invoice is on 28%. what should be treatment in accounting now?
Replies (4)
Are You asking about GST or IT...?
SIR , I am asking about Gst
In this case tell recepient of goods to issue debit note as tax charged in sales invoice is less than actual tax amount and as acknowledgement supplier will issue a credit note. For further clarification in this issue go to Chapter VII section 34 and 35 of cgst act 2017.
Better to prepare credit note and Sale/prepare new invoice with correct Tax rate. Or amendment in Your next GSTR 1 return and pay tax accordingly...
Recent Topics :
- Last day for ITR-U for AY 2023-2024 (FY 2022-2023)
- Sale of shares in indian company by a non resident
- Difference in TIS
- GSTR-9C Upload Status Error Occured
- “Income Tax Implications of Company-Related
- Advice needed: Hypothetical case of non-filing of
- Demand Raised for Cess Amount Despite Section 89 R
- WRONG BILL NO FILED IN GST R1
- Addtional trade name for my another firm
- Commission / Agency Business without books: REAL E
Related Topics :
CAclubindia
