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Output Gst claim on Bad debts
Party has not paid for items sold to him more than year can we reverse sales bill and claim out put Gst , what s procedure as per Gst rules to claim
Replies (6)
There is no provision to reverse because the party has not paid. You can only issue a credit note and reverse the same.
Yes there is no such provision in GST to reverse the sale .
Yes as per 2nd proviso to section 16 of CGST Act ITC has to be reverse by Recepient if he do not pay for the invoice within 180 days
Yes as per 2nd proviso to section 16 of CGST Act ITC has to be reverse by Recepient if he do not pay for the invoice within 180 days
WHAT TO DO TO CLAIM THE OUTPUT TAX OF RS.180,000- WHAT ALL OPTIONS ARE THERE TO GET BACK AT LEAST THE GST OUTPUT ONLY
CAN I MAKE THE CREDIT NOTE ,IS IT VALID AS PER GST RULES
credit note can be issued and accepted only
1) Within 6 Month from the begining of financial year (September)
2) The date of filing of the relevant annual return for the financial year
*Whichever Earlier*
You Can claim gst on bad debts if its been more than 6 month and within 12 months under table 7.
TABLE 7 IS FOR ITC REVERSAL WE HAVE TO REVERSE THE OUTPUT ON BAD DEBT SALES AND IN GSTR3B WHERE TO SHOW PLEASE INFORM THANK YOU SIR IN ANTICIPATION
There's no provision to reverse bad debt output tax.
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