Material return & gst

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finance manager
38 Points Posted on 04 March 2019

Sir,

 

Question 1

In our Pharma trading, we will be returning old stocks back to original supplier.

The stocks might have purchase one or two years back.

On returning materials , what is impact GST .

Are we need to reverse GST ?

Question 2

Suppliers giving post sale price reduction on purchase made one year back.

What is GST implication ?

 

Please advice

 

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On 04 March 2019 at 11:41 Report
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CA Student
8353 Points Posted on 04 March 2019

https://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular-No-72_New.pdf

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On 04 March 2019 at 12:57
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61 Points Posted on 04 March 2019
purchase return valid only for 180 days from the date of invoice raised . and in your case you purchase that stock for 2 year back .so you will sale that stock &you are not eligible to reverse ITC taken back
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On 04 March 2019 at 19:43
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CA Final student
4750 Points Posted on 04 March 2019
I think 180 days condition is only for payment of Goods.

the sale or purchase return can be made before filing September month return or annual return whichever is earlier.

according to me now govt has extended the date till 31st march..then you cam raise debit Note.
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On 04 March 2019 at 22:47

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