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How to report negative value in HSN-wise summary if credit note value is higher than invoice value?

2439 views 1 replies

Reena

Partner

221 Points Posted on 12 October 2022

If we issued a credit note for invoice raised the previous tax period for Rs 10 Lakh, and the invoice raised for the same SAC in the current period is Rs 2 lakh, this would make the net supply for that particular SAC to be -8 Lakh.

How can we report this in the HSN wise summary in GSTR 1?

Replies (1)

Quick Summary

If credit notes exceed invoice value for the same SAC/HSN, resulting in negative net value, GSTR-1 does not allow negative reporting in HSN summary. Instead, credit notes must be reported in the credit note/amendment tables (Table 9/10), and net effect is adjusted in overall outward supply, not HSN-wise negative entry.

Yasaswi Gomes new

Finance

4584 Points Posted on 14 October 2022

Table 9 needs these Amendments to outward supplies that are taxable and reported in table 4,5 & 6 of the earlier tax periods’ GSTR-1 return (including debit notes, credit notes, refund vouchers issued during the current period)

Table 7 for interstate supplies. But this input tax claim is not mwntiined very cleary on the net.

I also have a doubt about the question, if you have sales return for 10 lakhs previous period filed and 2 laks, i believe you can adjustments to 8 laks and provide the infomation while filing.