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credit note

BISWAJIT (service) (179 Points)

05 June 2018

I have purchased material from a vendor of Rs 50000/- out of which returns some material to the vendor. But the vendor issued credit note to me. so I have not get any chance to issue dedit note to him. Now my question is it will be shown in Gstr-1. And also tell me in Gstr-3B will I show the amount in Itc reversal columns.

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3 Replies

CA Padmasri Manyam (CA in Practice) (1340 Points)
Replied 05 June 2018

You are not required to issue debit note. Credit note issued by your supplier is sufficient. Your supplier will show the credit note details in his GSTR-1.

if credit note and invoice is in same month - Show net input tax credit (Input tax credit as per nvoice - Input tax credit as per credit note)

if the credit note is issued in subsequent month - Then you need to reduce your eligible input tax credit to the extent of GST mentioned in credit note.

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BISWAJIT (service) (179 Points)
Replied 06 June 2018

If I issued a debit note to the vendor then show in Gstr-1??

CA Padmasri Manyam (CA in Practice) (1340 Points)
Replied 06 June 2018

Debit note issued by customer does not have validity under GST. Supplier shall issue debit note or credit note under GST Law, to reduce or increase his output tax liability. Based on which the customer can reduce or increase his input tax credit.