If supplier provided credit note without tax,how will be the treatment for it in our books of accounts and GST?
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Credit Note
Replies (6)
Quick Summary
Why no tax ( GST) in credit note ?.
The reason they are telling that,it was a damaged goods and they can't sell it any more.
Ok , but earlier supplier issued tax Invoice charging GST and then after that goods were not sent due damage ,and credit note pass without GST , Is it correct ?.
Adjust in the taxable amount , if any damage caused , but raise with GST also!
If supplier does not mention tax component in credit note, he can not reduce tax liability in that transaction. He will have to pay tax on original value. Therefore credit note issued has no gst consequences.
You are Right
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