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credit notes in returns

KUMAR SWAMY MASNA (accountant) (103 Points)

26 April 2018

A pesticides dealer gets discounts as cash discount and product discount and other discounts. Is it mandatory that all credit notes mentioning in gstr 3b return? The dealer get all details of credit notes very late, mid of the May the due date of 3b was over now what to do now. If I posted the all credit notes to p&l account what will happen?

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6 Replies

CA Shivam Arora (Chartered Accountant) (2414 Points)
Replied 26 April 2018

The dealer is purchasing and getting discount lately, therefore he should reverse the taxable amount and the relevant portion of ITC. But this is possible only when GSTR-2 will come into force. Since, in GSTR-3B you have availed more ITC, you should pay the relevant portion of tax as well as 24% interest which will remain in your Electronic Cash Ledger till GSTR-2 is activated. Moreover please remember:-

Discounts given after supply will be allowed only if-

It is mentioned in the agreement entered into before sale AND
input tax credit proportionate to the discount has been reversed by the recipient of the supply AND
It can be clearly tracked to relevant tax invoice

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Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 26 April 2018

Have u filed March18 3b??

CA Shivam Arora (Chartered Accountant) (2414 Points)
Replied 26 April 2018

Yes I have!

KUMAR SWAMY MASNA (accountant) (103 Points)
Replied 26 April 2018

till today not filed

CA Shivam Arora (Chartered Accountant) (2414 Points)
Replied 26 April 2018

I can help

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Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 26 April 2018

show such CNT in april3b, but book all those CNT in March only, prepare the reconciliation statement for the same

As u have show in ur annual return also