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Credit notes

ROHIT KUMAR (prop.) (260 Points)

23 July 2020

whether we have to reverse gst input tax credit on the credit notes without GST received by a dealer , credit notes are of rate difference, turnover discount, product discount ets ?

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5 Replies

Ramya Bhat (254 Points)
Replied 23 July 2020

If your dealer had given credit note and if that is reflecting in GSTR 2a then you can reverse that input tax credit as you are not aviling that....

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Vijayprakash P (1313 Points)
Replied 23 July 2020

The reversal of output GST liability is not allowed in all cases of Credit note.....

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 23 July 2020

In case of Rate Difference , yes the credit should be issued as per Section 34 of CGST , the GST less.

But in case of Turnover & product discount , the GST less CNT is to be issued only when if such credit note can be linked to relevant invoices.(Section 15 CGST Act)

So ask your supplier issue GST less Credit in case of Rate Difference.