Thank u so so much sir...bahot jaroori bate clear kar di apne sir...thanks a lot...Meh ITC ltd ka distributor hu..aur ITC bhi hum e aisi credit memo raise karti hey aur dept ne us pe itc reverse karne ko bola hey...tab mereko apka video mila...
Excellent clarity I had One question regarding eInvoice in case of Commercial Dr note Or Cr note recipient have to upload such Commercial Dr or Cr on eInvoice Portal
Sir supplier apni offer vapas le Li thi hamne uska utna kam payment Diya, fir bad mai supplier na without GST Bala credit note de diya kya hame us credit note ke against GST reversed karna hoga, pls reply sir
If Company ask to dealer that give discount to customers and then dealer claim discount to company and company give discount through issue Commercial credit not to dealer then what GST impact on recipient/dealer. This discount showing in P & L in revenue side so what treatment give in GSTR-9
sir supplier has neither raised commercial credit note nor regular credit note . But given discount . he has already paid gst on discount. Now dept is asking to reverse on discount , whereas they have already got full payment of tax
I buy goods from cement company 400. Later the company gave me a discount of 100 rupees. And it gives GST portal credit note. And I kept a profit of five rupees.I sell the goods for 305. How much should I invoice the billing? 305 will do. Many people tell me that goods cannot be sold at a lower price. But I get discount after purchase price. And it gives credit note in my GST portal.
What if purchaser gets invoice at 100 per pc.and make sale at 80 on the same day. Subsequently the purchaser is getting discount and incentive to avoid loss on discounted rated sales. This resulted in huge accumulation of ITC and no payment through cash. In this case, whether itc is required to be reversed if credit notes do not contain gst.
Recipient A avails 100 rs ITC for a FY. Tax liability is 90 rs for that FY. Recipient A completely pays his liability in ITC only rs 90. Recipient A is Eligible for 80 Rs after reversal of 20 discounted ITC. In annual return of that FY recipient pay difference rs10 (90-80) on the day of filing of annual return. Do recipient need to pay Interest?
Sir please help मैंने july 2021 में gst registration कराया था मेरा hardware and pipe fitting का business है अब तक मेरा turnover 3 लाख का हुआ है क्या मुझे itr 2021-22 file करना पडेगा ? Sir please help kar dijiye, ignore mat kariyega
Your argument is wrong when you say reversal not applicable on 1.8 Ra of credit note..bcz supplier has reduced his taxable supply and tax liability finally aat the time of filing 9
Further the supplier while issuing credit notes will deduct the taxable value and file gstr 1 with less value. Thus, the supplier is not paying the tax on the said value of credit notes.
The supplier issues credit note for price discount. Their tax liability for the month get reduced and file gstr 1 with reduced tax. The dealer on the basis of original invoice book itc, which latter on on receiving credit note from company reverse the itc. 1 The overall effect is that the supplier tax liability is reduced, 2 The department is getting lesser tax revenue. 3 the dealer recipient has to reverse a portion of booked itc . Thus his tax liability increases
AAR के अनुसार commercial credit note जो supplier से recipient को मिला उस पर ITC reverse नहीं करना है । GST के अन्तर्गत प्रत्येक Resale point पर value addition जो sale price का part होगा उस राशि पर भी output tax की गणना की जानी है । इसलिए प्रत्येक अगले बिक्री के बिन्दु पर अतिरिक्त gst की वसूली संभव हो पाएगा। AAR के अनुसार
Sir credit note ko income side le jaynge to service per gst 18 lagega ?
Then after commercial discount received can sold goods below purchase price to also save output tax liability
Thank u so so much sir...bahot jaroori bate clear kar di apne sir...thanks a lot...Meh ITC ltd ka distributor hu..aur ITC bhi hum e aisi credit memo raise karti hey aur dept ne us pe itc reverse karne ko bola hey...tab mereko apka video mila...
Your welcome sir
Is commercial credit note required to file in GSTR 1 by supplier?
Simplified the complexity 👍
Thank you
Excellent clarity I had One question regarding eInvoice in case of Commercial Dr note Or Cr note recipient have to upload such Commercial Dr or Cr on eInvoice Portal
No
Sir If Discount is recorded in invoice then what is the treatment from Purchaser side
Ye bataye agar export sale with payment of tax lagke Hua hai to wo to 3b mein tax dikhayenge wo to itc se adj hoga to refund kaheka ye clear kariye
Sir supplier apni offer vapas le Li thi hamne uska utna kam payment Diya, fir bad mai supplier na without GST Bala credit note de diya kya hame us credit note ke against GST reversed karna hoga, pls reply sir
Thanks sir ji
If Company ask to dealer that give discount to customers and then dealer claim discount to company and company give discount through issue Commercial credit not to dealer then what GST impact on recipient/dealer. This discount showing in P & L in revenue side so what treatment give in GSTR-9
But supplier toh amended b2b invoice file karke apna liability future mei kam toh kar sakta h na??
Ya aisa nai hota h gstr 1 mein??
That is your and his Co ordination
However he can amend
But upto certain time
do not agree with this answer because Commercial credit note does not contain tax impact .if supplier do such B to B it will be wrong.
sir supplier has neither raised commercial credit note nor regular credit note . But given discount . he has already paid gst on discount. Now dept is asking to reverse on discount , whereas they have already got full payment of tax
Bache hue gst ka paisa kon dega
I buy goods from cement company 400. Later the company gave me a discount of 100 rupees. And it gives GST portal credit note. And I kept a profit of five rupees.I sell the goods for 305. How much should I invoice the billing? 305 will do. Many people tell me that goods cannot be sold at a lower price. But I get discount after purchase price. And it gives credit note in my GST portal.
What if purchaser gets invoice at 100 per pc.and make sale at 80 on the same day. Subsequently the purchaser is getting discount and incentive to avoid loss on discounted rated sales. This resulted in huge accumulation of ITC and no payment through cash. In this case, whether itc is required to be reversed if credit notes do not contain gst.
No reversals required. It seems that it is commercial credit note.
Recipient A avails 100 rs ITC for a FY. Tax liability is 90 rs for that FY. Recipient A completely pays his liability in ITC only rs 90. Recipient A is Eligible for 80 Rs after reversal of 20 discounted ITC. In annual return of that FY recipient pay difference rs10 (90-80) on the day of filing of annual return. Do recipient need to pay Interest?
Yes
Itc has been utilised
Thanks sir
SIR THANK YOU
Sir please help
मैंने july 2021 में gst registration कराया था मेरा hardware and pipe fitting का business है अब तक मेरा turnover 3 लाख का हुआ है क्या मुझे itr 2021-22 file करना पडेगा ?
Sir please help kar dijiye, ignore mat kariyega
Itr is to be filed when your taxable income exceed 2.5L
Since you not mentioned your profit it is safer to file itr in your case
Useful
Thank you
Apt topic well explained.
Thanks a lot mam
Your argument is wrong when you say reversal not applicable on 1.8 Ra of credit note..bcz supplier has reduced his taxable supply and tax liability finally aat the time of filing 9
Further the supplier while issuing credit notes will deduct the taxable value and file gstr 1 with less value. Thus, the supplier is not paying the tax on the said value of credit notes.
I didn’t understand that. Please elaborate
The supplier issues credit note for price discount. Their tax liability for the month get reduced and file gstr 1 with reduced tax.
The dealer on the basis of original invoice book itc, which latter on on receiving credit note from company reverse the itc.
1 The overall effect is that the supplier tax liability is reduced,
2 The department is getting lesser tax revenue.
3 the dealer recipient has to reverse a portion of booked itc . Thus his tax liability increases
AAR के अनुसार तो एक ही बिन्दु पर सभी Outward tax की वसूली हो जाएगी तो इतने taxpayers को फिर registration की क्या जरूरत रह जाएगी ।
AAR के अनुसार commercial credit note जो supplier से recipient को मिला उस पर ITC reverse नहीं करना है ।
GST के अन्तर्गत प्रत्येक Resale point पर value addition जो sale price का part होगा उस राशि पर भी output tax की गणना की जानी है । इसलिए प्रत्येक अगले बिक्री के बिन्दु पर अतिरिक्त gst की वसूली संभव हो पाएगा।
AAR के अनुसार
AAR के अनुसार तो एक ही बिन्दु पर सभी Outward tax की वसूली हो जाएगी तो इतने taxpayers को फिर registration की क्या जरूरत रह जाएगी ।
Sahi baat h sir