Hi,
My supplier has sent me to be 10lakh worth of goods in July and he paid GST at 12% = 1.2lakhs . I was able to sold only 5 lakhs of goods. Remaining 5 lakhs will be with me . I think I will sell 3 lakhs of goods in August and will return the remaining 2 lakhs of goods. How does GST input tax credit work ? Does the below look okay ?
Supplier paid in July = 1.2 lakhs
Input credit taken by me in July = 1.2 lakhs
GST paid by me in July = 60000/-
Gst to be paid by me in august = 36000/-
Debit memo raised in september by me to supplier = 2 lakhs
Is the process correct ?what does supplier do with with the 2lakhs debit note (assuming that becomes dead stock for him)
CAclubindia
