please suggest how to deal of credit note issue by suppliers to us in gst 1 and gst 3b how and whats treatment requires in which column i have to fill data in coloumn in gst
Deepak Gupta
(CA Student)
(15922 Points)
Replied 03 May 2019
When supplier issues Credit Note to you:
You should reverse the corresponding amount of ITC in GSTR-3B in column 4(B)(2). Nothing is required in GSTR-1.
When supplier issues Debit Note to you:
Your ITC will increase and include the same amount in GSTR-3B in column 4(A)(5). Nothing is required in GSTR-1.
GSTR-1 is a return of outward supplies. You are not required to mention the above details.
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
CAclubindia
