12 Replies
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 04 January 2019
if Yes...
Less the debit note Tax values in Your ITC value...
CA Vijeta Nathani
(Chartered Accountant)
(505 Points)
Replied 05 January 2019
If You have received Debit Note, that means purchase return, then, ITC has to be reversed.
If you have issued debit note, that means you have added extra or additional claim towards the receipt of the already made sales by you, then such amount of GST has to be disclosed as output liability and discharged accordingly.
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 05 January 2019
| Originally posted by : CA Vijeta Nathani | ||
 |
If You have received Debit Note, that means purchase return, then, ITC has to be reversed. If you have issued debit note, that means you have added extra or additional claim towards the receipt of the already made sales by you, then such amount of GST has to be disclosed as output liability and discharged accordingly. |
 |
I think You are wrongly said or mismatch words....!!!
CA Vijeta Nathani
(Chartered Accountant)
(505 Points)
Replied 05 January 2019
| Originally posted by : S ELAVARASI | ||
|
Originally posted by : CA Vijeta Nathani If You have received Debit Note, that means purchase return, then, ITC has to be reversed. If you have issued debit note, that means you have added extra or additional claim towards the receipt of the already made sales by you, then such amount of GST has to be disclosed as output liability and discharged accordingly. I think You are wrongly said or mismatch words....!!! |
|
I am Sure, I am Correct. However, I would like your suggestion if you have another point of view.
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 05 January 2019
| Originally posted by : CA Vijeta Nathani | ||
|
If You have received Debit Note, that means purchase return, then, ITC has to be reversed. - Debit note if received -->>> it's from Customers then Its Sales/Outwards return and it will less in Sales values... it's accountable as Credit note...
- Debit note if Issued -->> It's to Supplier then it's Purchase/Inward return and it will be less in ITC values in Purchase invoices. It's accountable as Debit note... |
|
Pls correct if im wrong...
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 05 January 2019
You are exactly correct Elavarasi...
CA Vijeta Nathani
(Chartered Accountant)
(505 Points)
Replied 07 January 2019
As per CGST Act,
The language of Sec. 34(3) is ..
The debit note SHALL be issued by SUPPLIER. In other words, sec. 34(3) gives exclusive power to issue the debit note to the supplier only. It nowhere states that the debit note can be issued by the recipient also.
So, If i have received Debit note (i.e. credit note for my vendor), that means I had purchased something, It is my purchase return and I have to reverse ITC.
And,
In the same way, If I have issued debit note, means I had made sales, now the invoice issued was for less amount. and I have to further debit the customer's Account. Hence, this will increase my liability.
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 07 January 2019
but, What about the query...?
It's as per Your 1st view or 2nd view...?
CA Vijeta Nathani
(Chartered Accountant)
(505 Points)
Replied 07 January 2019
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 07 January 2019
Thank You for Your inputs...
If Purchase return then Purchaser issued Debit Note and Seller give Credit Note...
If Seller give Credit note to recipient then recipient received Credit note from Supplier
&
He (recipient / you) will book it as DEBIT NOTE...
CA Vijeta Nathani
(Chartered Accountant)
(505 Points)
Replied 08 January 2019
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