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TMI BlogHow to return the claimed ITC on Purchase return?X X X X Extracts X X X X X X X X Extracts X X X X ..... An invoice raised in the month of June 2018 has been canceled by raising Credit note in July 2018 by a vendor. We have claimed ITC in the June 2018 for the received invoice. As the vendor cancelled the Invoice by raising Credit note, how we can return the ITC claimed in June for the said invoice? - Reply By SHIVKUMAR SHARMA - The Reply = While filing your Next month GSTR3B Return, you can re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duce your Inputs Tax Credit in Table 4 Eligible ITC. - Reply By Shravan Kumar - The Reply = How does Claiming Less ITC in the next month GSTR 3B , will resolve the issue? If I claim less ITC, the GST will treat it as the full availed credit, but no justification is made for the same! Correct me if I am wrong!!! - Reply By SHIVKUMAR SHARMA - The Reply = Please see the Example : At y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... our End: You have taken ITC agst.Supplier Invoice No.01 ₹ 1000 in GSTR3B of June 18 You have Reduced The ITC agst.Supplier Invoice No01 ₹ 1000 in GSTR3B of July18 Finaly Net effect of Credit agst Supplier Invoice No1 is ₹ 0 ---------------------------------------------------------------------------------------------------------------------------------------------- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ------------------- At Supplier end : Supplier Issue Invoice No 01 in June 18 paid GST ₹ 1000 in GSTR3B of June 18 Upload The Invoice in GSTR1 return of June18. Next Month Supplier have issued Credit note agst Invoice No.1 Reduced his Liability of GST by ₹ 1000 in GSTR3B of Month in which Credit note is Issued the same Credit note is uploaded on GSTR1 Return. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Net effect of GST is Zero at the Both end. - Reply By Ganeshan Kalyani - The Reply = The legal backing for reversing the input tax credit on account of purchase return, invoice cancelled etc is given under section 34 of CGST Act, 2017. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = I endorse the views of Sivakumar Sharma - Reply By Avneesh Sachdev - The Reply = we can issue a ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x invoice to return goods - How to return the claimed ITC on Purchase return? - Query Started By: - Shravan Kumar Dated:- 19-8-2018 Goods and Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management 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
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