Dear All,
I have an query related to goods returns.
Suppose ABC company sale goods to XYZ Company on 1st April 2021 and XYZ return some portion of goods to ABC on 15th Oct 2021 by issuing debit note of dated 14th Oct 2021and ABC receive that goods on 30th Oct 2021, here ABC took one day to confirm the actual delivery and counting process and issue the credit note on 1st Nov 2021.
1.Is this transaction is legitimate under GST?
2.Is there any time limit for goods return?
3. We can't claim GST ITC on credit note issued for Goods return, if the goods are return by parties after 6 months from date of sale invoice?
Please Guide
CAclubindia
