Debit and credit note
Faheem Akram (802 Points)
11 October 2017
what is treatment of goods return under GST and who is liable to issue this document
9 Replies
VINAYAK HEGDE
(accounting & taxation freelancer)
(246 Points)
Replied 11 October 2017
goods returned is adjusted in return 3b as well as gstr1 .. the issueance odf document vest with wholly on seller of goods.
satish balasaheb jadhav
(student)
(237 Points)
Replied 11 October 2017
Taxable value = Value of invoices + value of Debit Notes – value of credit notes + value of advances received for which invoices have not been issued in the same month – value of advances adjusted against invoices.
Ashit Sharma
(155 Points)
Replied 11 October 2017
credit/debit notes to be issued by supplier as prescribed.
Vinod Araveti
(Practicing CA)
(1180 Points)
Replied 11 October 2017
In case of sales return, credit note needs to be raised by the supplier. He has to show those credit note details in the month in which it is issued.
Vinod Araveti
(Practicing CA)
(1180 Points)
Replied 11 October 2017
Where a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to be less than the taxable value or tax payable in respect of such supply, the registered person, who has supplied such goods or services or both, shall issue to the recipient a debit note.
Where a tax invoice has been issued for supply and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services or both supplied are found to be deficient, the registered person, who has supplied such goods or services or both, may issue to the recipient a credit note
Ashit Sharma
(155 Points)
Replied 11 October 2017
right,Sir and in case of price variance if positive, debit note to be issued by supplier.
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