Gst query - sales made in june goods return in july

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Dear Member's/Expert

If someone has sold goods in june 2017 under VAT 5% and those goods were returned by the customer in July 2017 when GST rate for that article become 18%.

How we should account the same in the return form 3B. How much credit i should reverse in that case?

Regards

Replies (1)
suppose you sold goods worth 100000....than you must had charged 5000 as vat.....total payment 105000.....you had either taken the credit of 5000 or carried forward it to gst electronic credit ledger........

now when you will receive back these goods it will be considered your purchases and sale of the person who is returning the goods.

now that person will issue you a debit note of worth 118000 (not 105000)...now you have to pay to him 13000 rs extra from the earlier transaction amount.

he will deposit this 18000 as his gst liability to government.....
now you can take credit of this 18000 in gst....


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