Credit notes query

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6 Points Posted on 18 March 2023
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 ?
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On 18 March 2023 at 21:57 Report
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Quick Summary
This discussion clarifies the correct procedure for handling purchase returns when reversing Input Tax Credit (ITC) for the financial year 2017-18. The consensus is that raising a debit note is the appropriate method, rather than accounting for them as outward sales. If ITC was utilised based on incorrect entries, it may need to be repaid along with interest.

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CFO- at NHTF
58280 Points Posted on 18 March 2023
Debit Note should have been raised instead of accounting outward sales
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On 18 March 2023 at 22:43
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Practice
1361 Points Posted on 18 March 2023
Yes, you will have to pay it along with interest if you had utilised that ITC.
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On 18 March 2023 at 23:05

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