Menu
Credit notes query
For purchase returns to reverse the ITC for the FY 2017-18 I have entered them as outward sales to adjust the itc to my supplier in the month of March 2018 and later amended those invoices to zero by amendments. Do I have to pay the itc amount along with interest ?
Replies (2)
Quick Summary
Debit Note should have been raised instead of accounting outward sales
Yes, you will have to pay it along with interest if you had utilised that ITC.
Recent Topics :
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
Related Topics :
CAclubindia
