A firm where it is having long time outstanding payble....for the purchase made...
so at the time of purchase it has been aviled the gst input...
now for this to close the party it is raising debit note...
now the firm is raising the credit note the party for which the item alredy sold which is purchased by the first firm...
so here tax liabity will be set off...
as of now here is there any chances to add back the gst inputs in income tax purpose...
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Input claimed to be added back in income tax
Replies (1)
You have to reverse Input Tax credit , Interest applicable .
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