sir ഇപ്പോൾ annual Return (2018-19) file ചെയ്യാൻ നോക്കുമ്പോൾ ഒരു Party ഒരു GST Credit note issue ചെയ്തീട്ടുണ്ട്. ആ sales ൻ്റെ ITC മുമ്പ് claim ചെയ്തതാണ് . അത് sir പറഞ്ഞ പോലെ Reverse ചെയ്യണം. അപ്പോൾ തന്നെ march - 19 ലെ 2 A യിൽ claim ചെയ്യാത്ത ITC available ആയി കിടക്കുന്നുമുണ്ട്. അപ്പോൾ reverse ചെയ്യുന്നതിനോടൊപ്പം ഈ avail ആയ ITC annual Return ൽ claim ചെയ്യാമോ?
Financial credit note gst returnil kanichal kozhappundo suppose credit note coloumn til taxable value kolathil amount koduth and tax value coloumn til 0 enter cheytu any issue?
Query relating to finacial credit note Mr Y sold goods on credit Rs. 10000+18% GST to Mr. X, and then Mr Y allowed entire Rs. 10000+18% as cash discount 1. Is any issue on supplier for issuing financial credit including gst? 2.If GST Rs. 1800 is already paid to Mr. Y, then remaining Rs. 10000 is allowed as cash discount then receipent is required to reverse the itc?
In GST , Supplier need to issue Credit Note and Debit Note to its customers. A can supplier can issue 2 types of Credit note : (1) GST Credit note and (2) Financial credit note , GST credit note means credit note with Tax . Financial credit Note means Credit Note without Tax. Then In Gst, when you are allowing Discount on Bill, you need to deduct discount first and then charge GST Tax (CGST & SGST) COST Rs.10,000/- Less: Discount Rs. 1,800/- ------------------------------------------------------------------- Rs.8,200/- CGST 9% Rs. 738/- SGST 9% Rs. 738/- ----------------------------------------------------------------- Total bill amount RS.9.676/- -----------------------------------------------------------------. Then supplier can issue a FINANCIAL CREDIT NOTE of Rs.1,476/- or 2,000/- or any any amount. But supplier cannot reduce this discount amount from their transaction value. JUST Discount allowed in their side. BUT As per receivers point it just DISCOUNT received. NO ITC reversal needed.
Thanks
Thank you VKN sir
sir..please send format of financial credit note
Hi Avalin, there is no seperate format for Financial credit note...
Good class, what is the next topic , any clue?
Financial credit note ,Advance Ruling...
Sir, Thanks
Thank you sir...
sir ഇപ്പോൾ annual Return (2018-19) file ചെയ്യാൻ നോക്കുമ്പോൾ ഒരു Party ഒരു GST Credit note issue ചെയ്തീട്ടുണ്ട്. ആ sales ൻ്റെ ITC മുമ്പ് claim ചെയ്തതാണ് . അത് sir പറഞ്ഞ പോലെ Reverse ചെയ്യണം. അപ്പോൾ തന്നെ march - 19 ലെ 2 A യിൽ claim ചെയ്യാത്ത ITC available ആയി കിടക്കുന്നുമുണ്ട്. അപ്പോൾ reverse ചെയ്യുന്നതിനോടൊപ്പം ഈ avail ആയ ITC annual Return ൽ claim ചെയ്യാമോ?
No, you cannot claim, any input (ITC ) through GSTR-9(Annual return)
Sir,If details of series of financial credit note is required to show in Gstr1
No to show in GSTR1.
GST aggregate turnover il finacial credit note discount received edukumo?
Its debatable point. In my personal view, no effect with Turn over. But some of the people have a different view.
Financial credit note gst returnil kanichal kozhappundo suppose credit note coloumn til taxable value kolathil amount koduth and tax value coloumn til 0 enter cheytu any issue?
Hi, no need to show.
Query relating to finacial credit note
Mr Y sold goods on credit Rs. 10000+18% GST to Mr. X, and then Mr Y allowed entire Rs. 10000+18% as cash discount
1. Is any issue on supplier for issuing financial credit including gst?
2.If GST Rs. 1800 is already paid to Mr. Y, then remaining Rs. 10000 is allowed as cash discount then receipent is required to reverse the itc?
In GST , Supplier need to issue Credit Note and Debit Note to its customers. A can supplier can issue 2 types of Credit note : (1) GST Credit note and (2) Financial credit note , GST credit note means credit note with Tax . Financial credit Note means Credit Note without Tax.
Then In Gst, when you are allowing Discount on Bill, you need to deduct discount first and then charge GST Tax (CGST & SGST) COST Rs.10,000/-
Less: Discount Rs. 1,800/-
-------------------------------------------------------------------
Rs.8,200/-
CGST 9% Rs. 738/-
SGST 9% Rs. 738/-
-----------------------------------------------------------------
Total bill amount RS.9.676/-
-----------------------------------------------------------------.
Then supplier can issue a FINANCIAL CREDIT NOTE of Rs.1,476/- or 2,000/- or any any amount. But supplier cannot reduce this discount amount from their transaction value. JUST Discount allowed in their side. BUT As per receivers point it just DISCOUNT received. NO ITC reversal needed.
@@SUNILSSMARTFINANCEMANAGER sir..If supplier allow discount of Rs.2000. How much Rupess buyer will pay(10000-2000) or (9676-2000)