EXCESS CREDIT NOTES THAN TAXABLE INVOICES

[KERAGODEGOPALARAO ANANTHARAO]

1. Ours is a chartered accountants firm.

2. For the month of September 2021, for the bills which are unpaid before September 2021, as well which is paid less than our billing amount, we have issued credit notes on B2B invoices.

3. The credit notes are resulting in excess tax paid of ₹ 75000/-

4. We have filed the GSTR-1 in which excess paid by us is reflecting.

5. while we are trying to file GSTR-3B that excess amount is not autopopulated.

6. Excess paid is neither in electronic cash or credit ledger nor in portal anywhere.

7. What is the fate of the excess tax paid.

8. When the amount is collected, we have to raise tax invoice, how this problem is get solved.

Kindly guide me

Yours faithfully,..

K G Anantharao

AI Summary

Credit note adjustment in GST: reconcile GSTR 1 and GSTR 3B and raise a GSTN ticket for unreconciled credits.
Credit notes issued for B2B supplies must be reported in the GSTR 1 period of issuance and are expected to auto populate in the corresponding GSTR 3B so the output tax liability can be adjusted; if such credits do not appear in GSTR 3B or electronic ledgers despite correct GSTR 1 filing, taxpayers should reconcile with GSTN by raising a helpdesk ticket and liaising with the jurisdictional authority. Reissued invoices upon receipt of payment should be declared as B2B supplies and supported by documentation so that adjustments occur once the system recognizes the credit notes.