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GST ON BAD DEBTS
I have sold goods vide inv dated 20th may 2020. But party didn't paid till date, he is not in a position to pay, now i want to book it as bad debt in my books, can i revrse the output gst of the same. if yes what document i have raise.
Replies (3)
Quick Summary
You can claim , after 6 months from the invoice date , you have a proper GST invoice !
And check you pay the output tax liability & its reported in your accounts .
& issue a credit not to the buyer regarding the same ...!
And check you pay the output tax liability & its reported in your accounts .
& issue a credit not to the buyer regarding the same ...!
Credit note issuance is period upto end of October month what if same is expired.
Practically can issue financial credit note , technically answer is no
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