Dear Sir /Madam,
Buyer goods return after one year I have issued credit note so can i itc reverse or show in block itc as time limit over for goods return.
Best Regards
Ashish
17 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 10 February 2024
Why you reverse ITC???
sabyasachi mukherjee
(27579 Points)
Replied 11 February 2024
Goods return after one year difficult to account for.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 11 February 2024
Sir If you have return the goods then the supplier have to issue credit note, why you have issued. Also ITC was already shown in such credit note so same will reversible in GSTR -3B .
sabyasachi mukherjee
(27579 Points)
Replied 12 February 2024
Ensure gst paid and reflection in all other accounts.
ashish dharkar
(accountant)
(140 Points)
Replied 12 February 2024
Dear Madam,
I am the supplier and buyer given purchase return so what i do now?
Ashish
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 12 February 2024
If the time expired goods are returned to the supplier, he or she can issue the credit note. The supplier can issue credit note with GST before 30th september of the following year under section (34)2 of CGST Act. after uploading this credit note the tax liability of the recipient will be adjusted.
If the goods are returned after 30th september of the following year, the supplier can issue the credit note without GST.
GST in respect of goods supplied is already paid to government and no tax liability reduced by you through credit note. So, there is no tax evasion. Also no ITC needs to be reversed as you have not claim any ITC in respect of above said supply.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 12 February 2024
Sorry to come this query... bcoz, I think the query not closed with correct solution
@ Mr Ashish Dharkar,
What about the purchase return...???
Is the Purchase return with GST value or only Basic/Taxable value...
please give details
@ Mr Ashish Dharkar,
What about the purchase return...???
Is the Purchase return with GST value or only Basic/Taxable value...
please give details
VIRAAJ VASHISHTH
(81 Points)
Replied 16 February 2024
Decoding Returns under Goods and Service Tax (GST)
GST or Goods and Service Tax has been introduced to simplify the taxation process in India. GST has replaced the previous tax structure of VAT, excise duty, and service tax. Under GST, businesses are required to file returns on a monthly, quarterly, or annual basis, depending on their turnover. In this article, we will decode the returns under GST and provide a step-by-step guide to filing GST returns.
Key Terms
Before we proceed to decode the returns under GST, let's understand some key terms:
- GSTIN: GSTIN stands for Goods and Services Tax Identification Number. It is a 15-digit unique identification number assigned to every registered taxpayer under GST.
- Input Tax Credit: Input Tax Credit or ITC is the credit that businesses receive for the tax paid on purchases. A registered taxpayer can claim ITC for taxes paid on inputs used in their business.
- Output Tax: Output tax is the tax charged by a registered taxpayer on the supply of goods or services to their customers.
- Turnover: Turnover is the total value of goods or services supplied by a registered taxpayer during a financial year.
Types of Returns
Under GST, there are several types...
To continue reading, click here
To read more blogs like this, visit Swipe Blogs
VIRAAJ VASHISHTH
(81 Points)
Replied 16 February 2024
Decoding Returns under Goods and Service Tax (GST)
GST or Goods and Service Tax has been introduced to simplify the taxation process in India. GST has replaced the previous tax structure of VAT, excise duty, and service tax. Under GST, businesses are required to file returns on a monthly, quarterly, or annual basis, depending on their turnover. In this article, we will decode the returns under GST and provide a step-by-step guide to filing GST returns.
Key Terms
Before we proceed to decode the returns under GST, let's understand some key terms:
- GSTIN: GSTIN stands for Goods and Services Tax Identification Number. It is a 15-digit unique identification number assigned to every registered taxpayer under GST.
- Input Tax Credit: Input Tax Credit or ITC is the credit that businesses receive for the tax paid on purchases. A registered taxpayer can claim ITC for taxes paid on inputs used in their business.
- Output Tax: Output tax is the tax charged by a registered taxpayer on the supply of goods or services to their customers.
- Turnover: Turnover is the total value of goods or services supplied by a registered taxpayer during a financial year.
Types of Returns
Under GST, there are several types...
To continue reading, click here
To read more blogs like this, visit Swipe Blogs
ashish dharkar
(accountant)
(140 Points)
Replied 16 February 2024
Purchase return with GST value.
Ashish
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