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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GST DEBIT /CREDIT NOTE REPORTING QUERY
Replies (5)
Quick Summary
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
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
Under rate difference to levies Debit Note shall b apply.
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)
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)
Go for amendment
And yes interest @ 18% on differential amount
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?
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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