I sale to mr X 50000 on credit and issue tax invoices against sale and I paid 9000 igst on sale.mr X not payment till date.
1.whether any time limits of received payment against invoice of sale ?
2.what I do subsequently, if sale is cancelled and what are the treatment is required for it ?
3.in which case I can revert the amount of output tax liability ?
1. As per GST 180 days...
(But, As per my view it's not possible in the Business view)
2. If Sale is cancelled then You ll prepare Credit note and Show the details in your GSTR 1 return. Also reverse the Tax in GSTR 3B...
3. You can reverse the Tax for above said way. Also reverse some of other cases like Debit note from Customers, Wrong available if ITC...
CAclubindia
