Return of time-expired drugs: options to treat as fresh supply or issue credit note with ITC and timing consequences. Provides two compliant procedures for return of time-expired drugs under the RGST Act: (1) treat the return as a fresh supply-registered non-composition returners issue an invoice at original value enabling the recipient to claim ITC subject to Section 16, composition taxpayers issue a bill of supply (no ITC to recipient), and unregistered persons use a commercial document without tax; destruction after receipt requires reversal of ITC on the return supply. (2) Issue a credit note-if within the statutory time limit tax liability may be adjusted (subject to recipient's ITC position); if after the time limit tax adjustment is not allowed and portal upload by supplier is not required.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Return of time-expired drugs: options to treat as fresh supply or issue credit note with ITC and timing consequences.
Provides two compliant procedures for return of time-expired drugs under the RGST Act: (1) treat the return as a fresh supply-registered non-composition returners issue an invoice at original value enabling the recipient to claim ITC subject to Section 16, composition taxpayers issue a bill of supply (no ITC to recipient), and unregistered persons use a commercial document without tax; destruction after receipt requires reversal of ITC on the return supply. (2) Issue a credit note-if within the statutory time limit tax liability may be adjusted (subject to recipient's ITC position); if after the time limit tax adjustment is not allowed and portal upload by supplier is not required.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
