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About Credit note

03 June 2018

a supplier of mine issued me a credit note, and i took itc for that in 3b, since it was a credit note so i didn't mention it in gstr 1 but my supplier should have mentioned it (because it was sales return for him). but he didn't..
now what should i do? this was from jan 2018 and now the year is also over.. help . thnx

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11 Replies

Vinod Babu (24191 Points)
Replied 03 June 2018

You reverse the itc in next 3B return.

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RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 03 June 2018

@ Shoeb Hasan,
Are You asking about Your purchase or Sale...?

Surjeet Negi (947 Points)
Replied 03 June 2018

I understand that you have taken ITC of procurement for which supplier has already issued a credit note meaning reduction on your ITC credit . in such case there is exposure of interest liability.But for now it's better to have the same rectified in the next Return in light of CBIC circular 26 DT 29.12.2017 and reduce your ITC.

Shoeb Hasan (81 Points)
Replied 03 June 2018

it was purchase return for me, he issued me credit note rather than i issued him debit note

Vinod Babu (24191 Points)
Replied 03 June 2018

Yes you are right.

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Shoeb Hasan (81 Points)
Replied 03 June 2018

so should i reverse my itc in next 3b.. because 17-18 is over now

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 03 June 2018

Originally posted by : Vinod Babu
	Yes you are right.

Mr. Vinod.,

WHAT IS CORRECT...?

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 03 June 2018

Originally posted by : Shoeb Hasan
	it was purchase return for me, he issued me credit note rather than i issued him debit note

If You had Credit Note. It's Your Debit Note... Rght...?

In Your next GSTR 3B You will reverse the Debit Note (Credit Note from Supplier) value in ITC Value...

You don't want show the Debit note in Your GSTR 1 Return

1 Like

Vinod Babu (24191 Points)
Replied 03 June 2018

Correct for "Shoeb Hasan • 03 June 2018

it was purchase return for me, he issued me credit note rather than i issued him debit note"

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 03 June 2018

Avaru sonnathu Unkalukku Epdi bro theriyum. Avaru Enna Unka pakkaththu seat ah...? Summa Ellaathukkum okay, Correct'u, Agreed nu podatheenka... Details podunka... Kannai moodittu Ellaathukkum reply pannaatheenka. Nallaa illai Bro. Tamil Unkalukku theriyum'nu nenaichi thaan tamil'a podaren... Puriyalai'na sollunka English'laye podaren... Please, msg box full aakuthu. Without details, sariyaa...