The Issue pertains to the FY 2018-19, where by we Purchased goods @ 3 % GST rate , now in October the goods are returned back to the Vendor whereby the GST rate is revised to 0.25% by the government w.e.f 1st Oct 2019.
Now the Vendor has Issued us the Credit Note dated 1st Oct having GST rate @ 0.25%
Is It correct to issue credit note @ 0.25% , and for the Balance difference (3%-0.25%) , return back the GST amount difference to the Vendor.
Please suggest
Dhruva Thanks for the Quick reply!!
Can you help me than on what basis the vendor should issue a credit note and the treatment of gst as it cant be reversed.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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