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Treatment of credit notes and debit notes

ITC / Input 417 views 4 replies
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consultation
38 Points Posted on 06 September 2019
X got credit notes of RS. 12,50,000/ from my supplier
how to solve it
a) should I reverse the credit notes in 3B (others)
or how to treat please advise me.
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On 06 September 2019 at 22:16 Report
Replies (4)
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"Do the Right Thing...!!!"
128147 Points Posted on 06 September 2019
Query is not cleared...
463 Reply
On 06 September 2019 at 22:26
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banglore
1496 Points Posted on 06 September 2019
If your question is X received credit notes from his supplier, ghen how to reverse credit in GSTR-3B

then you can reverse same in 3B by reducing input credit from current month input credit in other input tax credit in Table 4
6 Reply
On 06 September 2019 at 22:41
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Tax Consultant
1024 Points Posted on 06 September 2019
yes you have to reduce this figures in table 4A because their is reduction in your ITC it cannot be said reversal of ITC
1 Reply
On 06 September 2019 at 23:16
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employee
814 Points Posted on 07 September 2019
X would have received purchase invoices and now he has received credit notes.

The effect of reduction should be given in 'All Other ITC' row of Gstr3B. (Table 4).

It is not reversal of ITC.
3 Reply
On 07 September 2019 at 00:58


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