In the month of May 2019 we sale to party for Rs. 13,40,317/- + 204455/-(IGST) = Total Invoice value Rs 1340317/-.
In the month of February 2020 the party return the some part of the materials to us ( technical ground), accordingly we generate Credit note to party for Rs 739066/-+ 1,33,032/-(IGST) = Total credit note value is Rs 8,72,098/-.
In the month of FEBRUARY 2020 we have no business and I thinks March 2020 will be no business .
We have no Cash Ledger balance and no Credit Ledger Balance in our GST Portal and we have no GST Liabilities
Now question is-
1/How I adjusted the credit note amount for Rs 133032/-in our GSTR 1 and GSTR 3B?
Should we put in GSTR3B column no 4B (ITC Available) for Rs 133032/-
Please Guide us in this case
As you are aware, negative figures for sales is not allowed for GSTR-3B, hence the credit note amount should be adjusted against sales of next month or the next month. You can wait for this amendment till September return of next year.
No you cant show the reversal amount as credit, this adjustment doesn't have any validity.
CAclubindia
