Gst return query
This query is : Resolved
02 September 2019
Please tell me what to do. Our customers returns material and they are showing in their GSTR1 as Sales to us. Is this practice correct? Whether we should also record this Sales return as Purchase?
02 September 2019
This is the industry practice which is currently being followed. In case your customer is not issuing any credit note for the sales return and instead, they are raising an invoice and reflecting in their GSTR 1, then in your books you can take the credit of the GST charged and reduce your sales for the gross amount. So, the entry would be sales account debit, GST input account debit and customer account credit.
02 September 2019
But why this practice is followed as logically this is incorrect.
02 September 2019
To ease the process. As if a credit note is raised then most of the customers are not reversing the credit accordingly.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
