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MSME RECEIPT

Abhishek (11) (58 Points)

25 November 2020

Upon receipt on Msme interst on delayed payment. how should it be shown in gstr 1 and gstr 3b?

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gameplaysNmore (96 Points)
Replied 25 November 2020

From MSME point of view, they will issue credit note for such interest on delayed payment, therefore they will issue Dedit Note. These debit note will appear in GSTR 1 as the tax liability is going to increase.

Abhishek (11) (58 Points)
Replied 25 November 2020

Can the other party claim credit of the debit note issued against the debit note

gameplaysNmore (96 Points)
Replied 25 November 2020

Recepient needs to book credit note entry in his books and of which itc credit is available.

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