Purchase Returns
Faheem Akram (802 Points)
13 June 2018
how to treat Purchase returns which is related to Inter state Purchase but there is no any purchase in Current month??
Faheem Akram (802 Points)
13 June 2018
CA Padmasri Manyam
(CA in Practice)
(1340 Points)
Replied 13 June 2018
Input tax credit has to be reduced in case of purchase returns.
If your supplier has issued credit note, you need to reduce that much from your eligible ITC in Form GSTR-3B. However, you don't have eligible IGST credit in the current month, negative credit cannot be entered in Form GSTR-3B. Therefore, you may have to consider in subsequent month. Request your supplier to issue credit note accordingly.
Faheem Akram
(802 Points)
Replied 13 June 2018
CA Padmasri Manyam
(CA in Practice)
(1340 Points)
Replied 13 June 2018
You can treat that much in inter-state outward supply and pay tax (IGST on purchase returns) that is the only way forward.
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 13 June 2018
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
