Menu
credit notes in returns
A pesticides dealer gets discounts as cash discount and product discount and other discounts. Is it mandatory that all credit notes mentioning in gstr 3b return? The dealer get all details of credit notes very late, mid of the May the due date of 3b was over now what to do now. If I posted the all credit notes to p&l account what will happen?
Replies (6)
The dealer is purchasing and getting discount lately, therefore he should reverse the taxable amount and the relevant portion of ITC. But this is possible only when GSTR-2 will come into force. Since, in GSTR-3B you have availed more ITC, you should pay the relevant portion of tax as well as 24% interest which will remain in your Electronic Cash Ledger till GSTR-2 is activated. Moreover please remember:-
Discounts given after supply will be allowed only if-
- It is mentioned in the agreement entered into before sale AND
- input tax credit proportionate to the discount has been reversed by the recipient of the supply AND
- It can be clearly tracked to relevant tax invoice
Have u filed March18 3b??
Yes I have!
till today not filed
I can help
show such CNT in april3b, but book all those CNT in March only, prepare the reconciliation statement for the same
As u have show in ur annual return also
As u have show in ur annual return also
Recent Topic
- Issue with ITR2 online utility for HUF
- TDS deducted by EPFO under wrong section
- Schedule SI in ITR-2
- What is the easy way to do CA- through foundation
- Schedule FA query for this AY 2026-27
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
Related Topics
CAclubindia
