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hi sir....i have returned goods to supplier and he has issued me a credit note for the same....my question is whether he should refund me full invoice amount or only taxable amount.
Replies (5)
Quick Summary
He should return full amount. You need to reverse ITC also if already availed.
Thank you sir 🙏
If full amount received then full amount has to be returned
Return full amount along with a soft /hard copy of the credit note.
Goods returned with a supplier's credit note:
• When the supplier issues a GST credit note for goods you returned, you must reduce the ITC claimed on them. With IMS (from October 2024), an accepted credit note reduces ITC in your 2B.
• In your books: Dr Supplier, Cr Purchase Returns, Cr Input GST.
• Movement of goods back: issue a delivery challan or the supplier's credit note with an e-way bill (if above the threshold).
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