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 Threads
- Delivery Challan serial number Issue and return ru
- After filing form 71 For TDS mismatch
- UNCLAIMED TDS REFUND QUERY
- Rcm payable which head
- Query of GST
- Long Term Capitalgains on sale of residential prop
- How Salaried Individuals Can Reduce Capital Gains
- NSTPI registration
- GST PAID IN DELHI
- How to Trade Forex in India?
Related Threads
CAclubindia
