please confirm material return process under buy back in
gst
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material return process under buy back gst
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Supplier should issue credit note for purchase returns. He will reduce his output tax liability to the extent of that credit note. Receipt also should reduce input tax to the extent of such credit note issued by the supplier.
For materials returned, the party should give debit note to supplier.
Under the GST REGIME taxation is on supply, so material return under buy back would be supply and liable to tax as per section 7 and section 9 of CGST ACT 2017.However, registered taxable person would be entitled to credit as per section 16 of CGST ACT 2017
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