22 October 2020
What adjustment as a recipient do i have to make from my end sir? Do i reverse the ITC in my GSTR-3B or reduce the ITC from the Total ITC claim for the period in which Purchase return is made? What would be corresponding adjustment in GSTR-1? If any?
22 October 2020
In my view, you do not have to do anything in GSTR1.Only you have to reduce ITC in GSTR3B upon getting the credit note but if credit note getting delayed then you should reverse your ITC as you gave already returned the goods.
22 October 2020
Last thing is does reduction in ITC imply showing Total ITC at net amount (i.e. after deduction of ITC on purchase return from Total ITC claim) or showing ITC on purchase return in a separate row under Table 4(B) ITC reversed? I am grateful to experts for their prompt replies. Thank you.
CAclubindia
