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Output Gst reversal
The assessee has taken back the material sold to a party due to non payment of dues, so how do I reverse the gst already paid on such bill? Shall I cancel the bill or issue credit note?
Replies (3)
Quick Summary
Issue a credit note against that invoice .
If u have already paid tax on that liability in such a case decrease that amount from ur taxable value in ur subsequent gstr 3b . this will reduce ur tax liability .
If u have already paid tax on that liability in such a case decrease that amount from ur taxable value in ur subsequent gstr 3b . this will reduce ur tax liability .
Thank You Sir 👍
You may issue Credit note for such sales return.
Reduce the outward Supplies in GSTR 3B.
Report credit note in GSTR 1.
For further clarification contact -
CA Sachin M Jain
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Reduce the outward Supplies in GSTR 3B.
Report credit note in GSTR 1.
For further clarification contact -
CA Sachin M Jain
#Stayconnected #stayupdated
Mobile : 8097515447
WhatsApp : tinyurl.com/wCASMJ
Email : casachinmjain @ gmail.com
LinkedIn : tinyurl.com/LCASMJ
YouTube : tinyurl.com/YCASMJ
Twitter : tinyurl.com/TCASMJ
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