Returned goods: tax equals earlier input tax credit if returned within the prescribed period; otherwise tax at prevailing rate. Where goods received as an inward supply are returned by the recipient to the supplier within six months of the relevant invoice, the tax payable on the ... Summary
Returned goods: tax equals earlier input tax credit if returned within the prescribed period; otherwise tax at prevailing rate.
Where goods received as an inward supply are returned by the recipient to the supplier within six months of the relevant invoice, the tax payable on the returned supplies is equal to the input tax credit earlier availed on that inward supply; returns after six months attract the rate of tax prevailing on the date of return.
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