Goods Return of FY 24-25

ITC / Input 555 views 3 replies

We had sold goods to our customer in FY 24-25 of Rs.583000.

Due to some quality issue at customer end goods will be returning to us in Dec 25.

In this case we loss GST amount.

Which documents will be prepared by both parties for these transactions.

 

Replies (3)

The documents prepared by both parties are: 

Original invoice - issued at the time of sale (FY 24-25).

2. Credit note - issued by the seller to the buyer for the return of goods, adjusting the sale value and GST.

3. Debit note - issued by the buyer to the seller acknowledging the return and GST adjustment.

4. Return (goods) note - prepared by the buyer to record the physical return of goods. 

5. Revised GST return - both parties adjust their GST filings (GSTR-1 & gstr-3B) to reflect the credit note and tax reversal. 

The seller loses the GST amount initially paid on the sale, which is reversed via the credit note and reflected in the GST returns. 

Credit note issue due date for 24-25 30th Nov 25.

How can we raised CN in Dec 25 Month.

Dear Mr. Nitin.,

 

As per Your query no more possibilities for preparing DN/CN.

Better to get it through Tax Invoice from Customer.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register