we are supplied intermediate good to vendor as per his request and transported, mean while vendor has informed not required material. we are holed the material at tranporter area and bringing back to our factory in our invoice.
How take in ITC for our invoice in GST rule wise.
please give me suggestions.
udaya bhaskar
Supplier Seeks Advice on Handling Input Tax Credit for Returned Goods Under Section 142 of CGST Act A supplier faced an issue where a vendor declined an intermediate good after dispatch, necessitating its return. The supplier sought advice on handling Input Tax Credit (ITC) under GST rules. Respondents advised notifying the GST authorities about the return with documentation for potential refunds under Section 142 of the CGST Act. If goods were dispatched after July 1, 2017, no GST payment or ITC claim is needed. However, if dispatched before June 30, 2017, Section 142 applies. If goods were supplied pre-GST and returned post-GST, it is treated as a deemed supply, requiring GST payment by the customer. (AI Summary)
TaxTMI 
TaxTMI 
