MSME RECEIPT

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58 Points Posted on 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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On 25 November 2020 at 16:45 Report
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This discussion clarifies how to handle MSME interest on delayed payments within GST filings. From the MSME perspective, this interest is typically issued via a debit note, increasing their tax liability and appearing in GSTR 1. The recipient needs to book this debit note and can claim the corresponding Input Tax Credit (ITC).

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96 Points Posted on 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.
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On 25 November 2020 at 19:59
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11
58 Points Posted on 25 November 2020
Can the other party claim credit of the debit note issued against the debit note
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On 25 November 2020 at 20:18
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96 Points Posted on 25 November 2020
Recepient needs to book credit note entry in his books and of which itc credit is available.
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On 25 November 2020 at 20:30

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