28 July 2020
Client is a cement dealer. He is getting issued credit notes by the company on the last day of every month
Q1: How do I show credit note in GSTR-1 and GSTR3B, Do I have to issue Debit notes back to the company
upon further finding the company has been issuing credit notes from almost a year. What is the procedure needs to be done/followed in order to reverse the ITC
28 July 2020
Cement dealer doesn't have to show these credit notes in GST-1 as it is against inward supply to him.He has to book the credit note and reverse the ITC to the extent of GST amount shown in credit notes.
CAclubindia
