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How to deposit tax on credit note issued by supplier

ITC / Input 260 views 2 replies

Mayank Khemka

74 Points Joined June 2017

Hello everyone,

Our supplier issues us credit note (cash discount) on the invoice, and also puts 12% gst on it. This 12% GST claimed from him , is to be deposited by us.

Please advise which column is to be used for this purpose in GST3B. Currently we were using "ITC reversed" for this purpose. but we are informed, its not correct, as ITC REVERSED coloumn is for 180 payment delay .

any help will be appreciate in this regard,

thanks

Replies (2)

Satya N Dharani

Finance Professional

491 Points Joined December 2017

Dear Mayank ji,

what you are following procedure is correct. because CN means it is just discount, if earlier issued Invoice is more/incorrect, CN must be issued by Principle supplier to adjust tax/amount.