Input tax on proforma invoice

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709 Points Posted on 17 April 2021
hi, we take input tax credit both on the proforma invoice and a tax invoice in Feb 2021, how we correct it.
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On 17 April 2021 at 00:58 Report
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Quick Summary
This discussion addresses how to correct input tax credit (ITC) claimed incorrectly on proforma invoices. The recommended approach involves reversing the excess ITC in the current month, potentially with interest, and issuing a credit note for the proforma invoice portion to rectify the error.

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Chartered Accountant
24588 Points Posted on 17 April 2021
Reverse the ITC you have taken
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On 17 April 2021 at 06:03
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Chartered Accountant
86505 Points Posted on 17 April 2021
Reverse that ITC in next month
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On 17 April 2021 at 06:29
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Profession Business
28246 Points Posted on 17 April 2021
Proformas and actual tax invoice is seperate.
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On 17 April 2021 at 09:24
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Chartered Accountant
5010 Points Posted on 17 April 2021

Reverse the excess ITC in current month along with interest payment. 

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On 17 April 2021 at 11:37
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Profession Business
28246 Points Posted on 17 April 2021

Pass a credit note for the proforma invoice part.

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On 17 April 2021 at 14:27

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