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Input tax credit
when we receive credit note for, decline in the price of goods, do we need to reverse input tax credit on those purchases.
Or do we need to considered as purchase return or Discount received?
Thank you in advance.
Replies (1)
| Originally posted by : Tejas | ||
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when we receive credit note for, decline in the price of goods, do we need to reverse input tax credit on those purchases. Or do we need to considered as purchase return or Discount received? Thank you in advance. |
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If it is return for re-work under warranty and not amount to manufacture then No need of reversal...If it is amount to manufacture then firtst reverse/pay duty.
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