Hello, we had made sell of 15 mica on 1st may and party had returned 12 mica on 4th may. Mica attracts 18% gst. Party is asking for refund on 12 mica,do we need to return GST amount as well to the party (unregistered end user)??
When you raise the Credit Note , the GST with taxable Amount is return .
Now lets suppose customer purchase 15 mica for Rs. 150 & GST @ 18 % , total bill amount Rs.177/- (150 +18%) & the same is paid by Customer to supplier . Now if Customer Return 12 mica costing 120 , the supplier will raise the Credit Note for Rs. 120 + GST @ 18 % comes to Rs.142 (inclusive of GST) , so supplier will return him Rs. 142/-
CAclubindia
