dear experts ,
pls guide us about the necessary steps to be taken when a b to b sale is cancelled after filing of gstr1 as well as the gstr 3b of relevant months by both level of dealers in below mentioned two conditions
1. where the payment of bill is due.
2. when the payment of bill has been made.
pls guide with your valuable and expertise opinions.
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Sales return treatment in gst
Replies (5)
In either case, as GST returns already filed for the month, credit note can be filed (within time limit mentioned in Sec 34) to reverse the taxes and taxable value. Disclose in GSTR 1 (for regd. CN - CDNR sheet, for unregd. CN - Net off in B2C).
Whether payment is made or not would not have an impact, as one it is cancelled amount would have to be returned.
Dear sir thanks for your valuable guidance.
Sir, what is the time limit for reversing the invoice? And how many times we can revise the return?
Under section 34 of the GST Act speak about time limit
Return cannot be revised. Can adjust is subsequent month returns based on Circular 26/2017, upto September of subsequent year (for such FY)
Time limit for raising CN-30th September of subsequent FY. (Ex: for FY 2019-20 - 30th September 2020 last date to raise CN with GST). Although, Commerical CN (without GST) can be raised.
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