REDUCE LIABILITY

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B.SC
202 Points Posted on 13 October 2020
I HAVE ONLY CREDIT NOTES REALATES TO SALES. MEANS REDUCE LIABILITY IN GATR 3B.I HAVE NO SALES AND CREDIT NOTES VALUE IGST IS 45000/- BUT NOT TAKEN -45000/- IN GSTRB HOW REDUCE LIABILITY
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On 13 October 2020 at 19:09 Report
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Quick Summary
This discussion addresses how to reduce GST liability when you have sales credit notes but no sales in a particular period. The advice is to report credit notes in GSTR-1 and then adjust them in a subsequent month's GSTR-3B when you have sufficient outward supplies. GSTR-3B does not accept negative figures, so the adjustment must be made in a month with positive sales.

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10 Points Posted on 13 October 2020

You can really do anything about it, just report the Credit notes in GSTR1 and you can adjust the same in the next month GSTR3B, i have done the same thing in case of one of my clients.

Views are strictly personal and there can be other views aslo.

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On 13 October 2020 at 19:41
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GST Practitioner
55067 Points Posted on 14 October 2020
Correct agree with Mr. Hemanth, 3B do not accept negative figure, hence need to reverse in the month where you have sufficient sale.
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On 14 October 2020 at 00:07
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Chief Accountant
3150 Points Posted on 14 October 2020
Yes, you can adjust than only in succeeding months in which you have sufficient outward supplies
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On 14 October 2020 at 18:43

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