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Purchase return treatment, when we have already taken Input
There are some purchase bills on which we have already taken input, now we want to return the purchase bills through debit note. So what will be the treatment in GST?
Replies (4)
Hi,
As per GST Act (under Section 34 read with Rule 53), the amount of tax will be credited to the supplier along with the rest of the debited amount. That means, the GST that was available as credit to you now become your output liability which shall be claimed as credit by the supplier (for excess payment).
Sorry sir, I didn't get it.
Could you please explain it with example?
Could you please explain it with example?
You can reverse the ITC in your next 3B
reverse itc
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