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Credit note
I am a purchaser and my supplier has issued a credit note after September month of next financial year and he is saying that he will not deduct tax on credit note but you have to reverse the tax. what should i do?
Replies (4)
Quick Summary
If credit note issued after filing of September return of next financial year than you have to reverse the tax.
but u can do one thing show the amount in credit note as discount in your books.
but u can do one thing show the amount in credit note as discount in your books.
No, No need...
If the credit note is without tax then You can account the same as without tax. No need to reverse the Tax.
If the credit note is without tax then You can account the same as without tax. No need to reverse the Tax.
No.... you are also not required to reverse the ITC .
As your supplier saying not to deduct tax on CN then it will be considered as financial credit note.. So no need to reverse gst from your end
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