GST DEBIT /CREDIT NOTE REPORTING QUERY

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Student
844 Points Posted on 02 March 2021
Situation 1.Mr. X sell the product Rs.150000+18% GST but actual rate pf GST 12% how to solve this issue?
Situation 2.Mr. X sell the product Rs.150000+12% GST but actual rate pf GST 18% how to solve this issue?
In situation 1. and 2. How to report this in GSTR 1 and GSTR 3B? in this case only change in tax amount not for taxable value? but gstr 1 how to report tax amount only?
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On 02 March 2021 at 00:56 Report
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Quick Summary
This discussion addresses common GST reporting issues where the wrong GST rate has been applied to invoices. It explores how to rectify situations where 18% GST was charged instead of 12%, or vice-versa, and how these errors should be reported in GSTR-1 and GSTR-3B. The advice includes amending invoices, issuing credit or debit notes, and the potential implications of interest charges on differential tax amounts.

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GST Consultant
15986 Points Posted on 02 March 2021
First query Best way amend the invoice in GSTR-1 and issue fresh correct invoice with the same invoice number. Alternatively you can also issue a credit note

Second query again you can go for correction or you can issue a debit note. In this case you will also have to pay interest
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On 02 March 2021 at 01:27
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44 Points Posted on 02 March 2021
Under rate difference to levies Debit Note shall b apply.
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On 02 March 2021 at 09:54
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Student
844 Points Posted on 02 March 2021
That means we need to issue credit note for 6% Rs.9000 in first case and debit for 6% Rs. 9000 in second case? sir there is no option in gstr 1 only credi / debit note for gst portion difference what to do?
sir why second situation need to pay interest? what is the rate of interest? interest is applicable on differential amount?(Rs. 9000) full amount(Rs.27000)
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On 02 March 2021 at 11:00
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GST Consultant
15986 Points Posted on 02 March 2021

Go for amendment

And yes interest @ 18% on differential amount

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On 02 March 2021 at 11:31
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Student
844 Points Posted on 02 March 2021
That means in situation 1 and sutuation 2 credit/debit note is possible, we need to amend invoice by mentioning same invoice number because gst credit /debit note only for gst portion is not possible in gstr 1? am i right sir?
interest 18% is sure in situatuon 2 is sure?
what is rate of interest on credit note itc reversed in the same month if it is reverseed in the subsequent month?
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On 02 March 2021 at 14:16

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