https://www.taxtmi.com/forum/issue?id=112922 When credit notes issued without GST reduce selling price below cost, the sale may show a negative net GST contribution while accounting gross margin remains positive. Because credit notes lack a GST component, previously availed input tax credit is not automatically reversed, leading to an increasing input tax credit balance that can be carried forward and offset against other output tax liabilities, subject to standard set-off and reversal rules. en-us Mon, 09 Oct 2017 08:17:47 +0530 Thu, 23 Jan 2025 15:55:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=112922 When credit notes issued without GST reduce selling price below cost, the sale may show a negative net GST contribution while accounting gross margin remains positive. Because credit notes lack a GST component, previously availed input tax credit is not automatically reversed, leading to an increasing input tax credit balance that can be carried forward and offset against other output tax liabilities, subject to standard set-off and reversal rules. Discussion-Forum GST Mon, 09 Oct 2017 08:17:47 +0530 https://www.taxtmi.com/forum/issue?id=112922