Return of expired goods
This query is : Resolved
09 February 2020
As per circular,the expired medicines shall be returned either through tax invoice or debit/credit note.The time limit of issue of debit/ credit note is sept.of next financial year.When a retailer who has availed ITC at the time of purchase,when return the expired goods beyond the due time such return shall be made through financial credit/debit note and no tax adjustment shall be made.In this case the retailer who had taken ITC if he return through financial debit note,shall it not be a loss of govt.revenue?
10 February 2020
the supplier can return the time expired medicine treating the same as fresh supply.
The supplier needs to issue a tax invoice and charge appropriate tax thereon.
The value of goods as shown in the invoice on the basis of which the goods were supplied earlier can be taken as the value of such return supply.
The recipient of the time expired goods, in this case, is eligible to avail the ITC subject to provisions of section 16 of the Central Goods and Service Tax Act, 2017
The supplier needs to issue a tax invoice and charge appropriate tax thereon.
The value of goods as shown in the invoice on the basis of which the goods were supplied earlier can be taken as the value of such return supply.
The recipient of the time expired goods, in this case, is eligible to avail the ITC subject to provisions of section 16 of the Central Goods and Service Tax Act, 2017
10 February 2020
Sir,my query is about return of expired goods through credit/ debit note.Though issue of tax invoice,no issue.
10 February 2020
Six months time limit is there for issue of debit/credit note.
11 February 2020
Beyond six month one has to issue financial credit note.In that case no tax adjustment shall be made.Then is there loss of revenue?
11 February 2020
Pl.seetharaman ji clarify.
11 February 2020
Beyond six months tax invoice treating it as sale with GST has to be issued. No loss of revenue.
11 February 2020
No tax invoice issued.if credit note will be issued beyond six month,what would be tax tax treatment?
12 February 2020
If credit note issued beyond 6 months it will be only financial credit note without tax.
Tax invoice can be issued beyond 6 months treating it as sale. ITC can be claimed by your seller so tax loss will not be there on both sides.
Tax invoice can be issued beyond 6 months treating it as sale. ITC can be claimed by your seller so tax loss will not be there on both sides.
12 February 2020
Sir,my concern is -- is there tax loss on issue of financial credit note beyond six month.
12 February 2020
Yes, hence issue tax invoice no tax loss.
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