There is a purchase return for wic the credit note is raised by the supplier. But it hs been accounted as credit sales in books of buyer.The gst has been paid on it. Will this effct any how?
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Help with Purchase Return Adjustment
Replies (5)
Transaction may be Credit or Cash*** or Immediate Payments... It's not atracted to the ITC and Debit note / Credit Note...
If Supplier issued Credit Note then You can account the details in Your books of accounts and Reverse the ITC as per Credit Note...
If Supplier issued Credit Note then You can account the details in Your books of accounts and Reverse the ITC as per Credit Note...
But the outward gst has alrdy been paid. If we change the entry shwng reversal entry, the books and outwrd gst will not match right?
No more links between Outward Tax and Inward Tax...
It's (As per above) Your Purchase Tax. You ll less the Credit Note values (From seller) in Your Purchase Tax in Next Return...
It's (As per above) Your Purchase Tax. You ll less the Credit Note values (From seller) in Your Purchase Tax in Next Return...
entry has to be reversed in both of books of account & GST return also .....
It is better to adjust such purchase return and sales in next gstr3B, means reduce sales and purchase by such amount in next return so that total turnover and input will matched with books of account.
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