TaxTMI 
TaxTMI 
How to return the claimed ITC on Purchase return?
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....ow to return the claimed ITC on Purchase return?<br> Query (Issue) Started By: - Shravan Kumar Dated:- 19-8-2018 Last Reply Date:- 19-10-2018 Goods and Services Tax - GST<br>Got 6 Replies<br>GST<br>An invoice raised in the month of June 2018 has been canceled by raising Credit note in July 2018 by a vendor. We have claimed ITC in the June 2018 for the received invoice. As the vendor cancelled the....
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.... Invoice by raising Credit note, how we can return the ITC claimed in June for the said invoice? Reply By SHIVKUMAR SHARMA: The Reply: While filing your Next month GSTR3B Return, you can reduce your Inputs Tax Credit in Table 4 Eligible ITC. Reply By Shravan Kumar: The Reply: How does Claiming Less ITC in the next month GSTR 3B, will resolve the issue? If I claim less ITC, the GST will treat ....
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....it as the full availed credit, but no justification is made for the same! Correct me if I am wrong!!! Reply By SHIVKUMAR SHARMA: The Reply: Please see the Example : At your End: You have taken ITC agst.Supplier Invoice No.01 ₹ 1000 in GSTR3B of June 18 You have Reduced The ITC agst.Supplier Invoice No01 ₹ 1000 in GSTR3B of July18 Finaly Net effect of Credit agst Supplier Invoice....
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.... No1 is ₹ 0 ----------------------------------------------------------------------------------------------------------------------------------------------------------------- At Supplier end : Supplier Issue Invoice No 01 in June 18 & paid GST ₹ 1000 in GSTR3B of June 18 & Upload The Invoice in GSTR1 return of June18. Next Month Supplier have issued Credit note agst Invoice No.1 & R....
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....educed his Liability of GST by ₹ 1000 in GSTR3B of Month in which Credit note is Issued & the same Credit note is uploaded on GSTR1 Return. The Net effect of GST is Zero at the Both end. Reply By Ganeshan Kalyani: The Reply: The legal backing for reversing the input tax credit on account of purchase return, invoice cancelled etc is given under section 34 of CGST Act, 2017. Reply By DR.MAR....
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....IAPPAN GOVINDARAJAN: The Reply: I endorse the views of Sivakumar Sharma Reply By Avneesh Sachdev: The Reply: we can issue a tax invoice to return goods<br> Discussion Forum - Knowledge Sharing ....