TaxTMI 
TaxTMI 
GST on ITC reversal recovered from supplier
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....ST on ITC reversal recovered from supplier<br> Query (Issue) Started By: - Kaustubh Karandikar Dated:- 30-3-2023 Last Reply Date:- 1-4-2023 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>XYZ ....
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....availed input tax credit on goods supplied by the supplier. However, details of the corresponding tax invoice were not getting reflected on the GST portal under Return GSTR - 2A / 2B. Therefore, XYZ r....
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....eversed the input tax credit and the amount of input tax credit reversed was recovered from the supplier through debit note. Is XYZ required to pay GST on the amount recovered from the supplier? Repl....
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....y By Amit Agrawal: The Reply: No, in my humble view, with an understanding that amount so recovered as 'reduction in purchase-value' and not 'income' per se. These are ex facie view....
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....s of mine and the same should not be construed as professional advice / suggestion. Reply By Shilpi Jain: The Reply: The debit note issued will not be a document as required under the GST law since ....
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....under GST law DN can be issued by supplier only. In this case there is no supply by XYZ when it is adjusting the ITC ineligible. It can at the most be regarded as a reduction in price<br> Discussion....
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