9911796707
TMI BlogINPUTS RETURNX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts We have purchased some inputs goods and same has been rejected by our quality control department. Now, we want to send back to vendor. My queries are How to send goods to vendor? Whether through Tax Invoice or Challan or Debit note. Whether we have to reverse ITC or credit /increase to tax liability? When purchased return to vendor , purchase return in which GSTR ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urn should be reported by us, whether GSTR- 1 or GSTR-2 . Who will sign the tax invoice? Any intimation is required to tax authority, if any employee is authorized for sign to tax invoices? Please provide related sections /Rules Thanks in advance - Reply By KASTURI SETHI - The Reply = Dear Querist,. . 1. The supplier will issue credit note. 2.Liability will be increased. 3. GSTR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -1 . GSTR 2 is still not sure. Govt may plan one return only.Matter under consideration. 4. Entry in the Common Portal system is itself intimation to the Department. These are my views. Other experts may intervene pl. - Reply By SHIVKUMAR SHARMA - The Reply = 1. Goods Return through Credit Note.Credit Note will be Issued By your Supplier infavour of You. 2.Your supplier will reduced their ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liability. 3.your Supplier is shown the Transaction (Credit Note) in GSTR-1 4.Credit note will be signed by Authorized signatory of your Supplier of goods. You are nothing to do .You return the rejected goods on the basis of Credit note Issued by your Vendor. - Reply By KASTURI SETHI - The Reply = Thanks a lot, Sh.Shivkumar Shama Ji. - Reply By Alkesh Jani - The Reply = Sir, For s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ake of clarity and supporting the views expressed by our experts, the Q.No.33 of FAQ is reproduced below:- Q 33. Is there any provision in GST for tax treatment of goods returned by the recipient? Ans. Yes, Section 34 deals with such situations. Where the goods supplied are returned by the recipient, the registered person (supplier of goods) may issue to the recipient a credit note ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... containing the prescribed particulars. The details of the credit note shall be declared by the supplier in the returns for the month during which such credit note was issued but not later than September following the end of the year in which such supply was made or the date of filing of the relevant annual return, whichever is earlier. The details of the credit note shall be matched ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the corresponding reduction in claim for input tax credit by the recipient in his valid return for the same tax period or any subsequent tax period and the claim for reduction in output tax liability by the supplier that matches with the corresponding reduction in claim for ITC by the recipient shall be finally accepted and communicated to both parties . Thanks - Reply By ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... KASTURI SETHI - The Reply = Sh.Alkesh Jani Ji,. Thanks for enrichment so quickly. - Reply By TAX solution - The Reply = Dear Sir, Please provide FAQ date URL LINK also if available . - Reply By Alkesh Jani - The Reply = Sir, Please find the following links for FAQs. http://www.cbic.gov.in/resources//htdocs-cbec/gst/faq-gst 2018.pdf;jsessionid=C44FBDC7846A7C5037913ABC09D907C6 Thanks - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply By YAGAY and SUN - The Reply = Tax Invoice would be signed by Authorized Signatory whose information is incorporated in the GSTN. Non Compliance will attract penal action. - INPUTS RETURN - Query Started By: - TAX solution Dated:- 11-7-2018 Goods and Services Tax - GST - Got 8 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
