Credit note and ITC

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..... Credit note and ITC
Query (Issue) Started By: - Sudhir Kumar Dated:- 9-8-2023 Last Reply Date:- 18-8-2023 Goods and Services Tax - GST
Got 7 Replies
GST
If a supplier issue Credit note to the recipient, would it be impacted on his ITC ledger or ITC availability in GSTR 2A. Reply By Charu Tyagi: The Reply: Yes, issue of credit notes by supplier will be reflected on GSTR-2A, and the c .....

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..... laim of reduction in output tax liability due to issuance of credit notes in FORM GSTR-1 that were accepted by the corresponding recipient in FORM GSTR-2 without amendment shall be treated as matched if the said recipient has furnished a valid return. Reply By GUNASEKARAN K: The Reply: Yes, Credit Note issued by the supplier will impact the ITC availability under GSTR2A of Goods recipient. The .....

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..... reversal of Credit will reflect in Table 4(B)(2) - Others in GSTR-3B Return. Reply By KASTURI SETHI: The Reply: I agree with both experts. Reply By Shilpi Jain: The Reply: CN related GST will have to be reduced from ITC. This will have to be shown net off in table 4(A)(5). Earlier there was no clarity and hence people were showing in 4B2. but now it is clarified that such CN to be shown in 4A .....

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..... 5 - net Reply By Ganeshan Kalyani: The Reply: Assuming that you are issuing GST credit note. If yes then recipient's ITC will be reduced by the GST on the credit note. Reply By GUNASEKARAN K: The Reply: Reversal of ITC will be auto populated in Table 4(B)(2) - Others in recipient's GSTR-3B Return. In earlier format the recipient reduce the ITC and give the Net ITC value in Table 4(A) .....

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..... (5) but now it is auto populated. Reply By Padmanathan Kollengode: The Reply: Agreed with the views of experts, The ITC pertaining to credit note will be reflected in GSTR-2A in CNDN and it has to be reversed in GSTR-3B also.
Discussion Forum - Knowledge Sharing .....

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