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Credit note late

rocky (accountant) (948 Points)

19 September 2018

i am regular dealer and bought goods in feb 18 and availed input , but returned goods in march 18 and showed purchase return in my books. party issued credit note in current month. now if i show credit note in current month gstr 3 b , will any penalty be charged ?

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7 Replies

Sharda Vishwakarkma (82 Points)
Replied 19 September 2018

I think credit note will be allowed within 6 month not more than that so penalty may be charge.

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CA Monika Motta (Partner) (1219 Points)
Replied 19 September 2018

as you have already shown it as purchase return n reversed the credit no need to disclose credit note in the return

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 19 September 2018

@ Rocky...

Yes... You can reverse the Credit note Tax value in current GSTR 3B...

But,

What about in March-18 GSTR 3B return with Your debit note Tax value or not...?

rocky (accountant) (948 Points)
Replied 20 September 2018

raja sir, in march 18 we did not show debit note, because party has not issued credit note

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 20 September 2018

Originally posted by : rocky
	raja sir, in march 18 we did not show debit note, because party has not issued credit note

Well....

You can show the details in Your next GSTR-3B

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prasad (EMPLOYEES) (315 Points)
Replied 20 September 2018

but allowed only 6 month or not

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 20 September 2018

Originally posted by : prasad
	but allowed only 6 month or not

Section 34 : “Credit and Debit Notes” (CGST Act, 2017) :

(2) Any registered person who issues a credit note in relation to a supply of goods or services or both shall declare the details of such credit note in the return for the month during which such credit note has been issued but not later than September following the end of the financial year in which such supply was made, or the date of furnishing of the relevant annual return, whichever is earlier, and the tax liability shall be adjusted in such manner as may be prescribed:

Provided that no reduction in output tax liability of the supplier shall be permitted, if the incidence of tax and interest on such supply has been passed on to any other person.