03 August 2018
In the month of May 2018 we sale (Local) to party for Rs. 13,82,160/- + 34,554/-(CGST)+ 34,554/-(SGST) = Total Invoice value Rs 14,51,268/-. In the month of July the party return the some part of the materials to us, accordingly we generate Credit note to party for Rs 1,65,621/-+ 4140/-(CGST)+ 4140/-(SGST)= Total credit note value is Rs 1,73,901/-. In the month of July we have no Local sale. We sale only Inter state (IGST). (Rs 197568/-+IGST Rs 35562/-)Now question is- How I adjusted the credit note in our sale value and how and where I put the figure in GSTR 3B?
As per the GST rule IGST can set off in any one that is CGST & SGST, but CGST only setoff in CGST and SGST can setoff only in SGST, if you have any sales in the current month in CGST & SGST so you can adjust the credit note in that, if you don't have a CGST & SGST sales in the current month it shows as minus figure in the 3B and both SGST & CGST tax value will be adjusted n IGST., so your current IGST tax will be reduce due to this credit note and balance will be payable. I hope you understand.
03 August 2018
sir one alternate idea is this CGST & SGST can't be setoff in this current month you please pay this IGST tax in this current month and afterwards CGST & SGST you can setoff if future local sales happened are you understand
03 August 2018
sir thanks but tell me one thing, what is the basic rule of this type of adjustment? You are advise me a alternative way, but I will not issue a local sale in future then what happen..........
03 August 2018
it won't be adjusted you have to wait upto future sales if local sales happened or adjust in a same month IGST and pay the balance amount
CAclubindia
