Menu
GST on credit notes post sale
Receiver got credit note for post sales discount . Suppier has not charge GST on such credit note. Will receiver has to reverse or pay gst on such credit note ??
Replies (7)
No...........
yes they have to reverse ITC for credit notes, it's common practice in automobiles sector
but they have issued credit notes without charging GST. so what receiver have to do??
if supplier gibe financial credit note then no need toreverae the credit but if they give cn with gst then u have to reverse that
Kindly refer circular 92/11/2019 GST .
If supplier has issued Financial Credit , Recepient will not Reduce his ITC , book as income
If supplier has issued Financial Credit , Recepient will not Reduce his ITC , book as income
As per Swastika Educonsult View -
No Requirement to reverse the ITC. It is a financial credit note and not to be disclosed in GST Return at all. Reversal of ITC will come only when the Credit Note is issued with GST.
if gst is not charged then ITC will not be reversed.
Recent Topics :
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
Related Topics :
CAclubindia
