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(1) As per Section 17(5) – Report credit which is entirely not available to you. You have to pay this in cash & you can claim ITC of RCM in majority case, (i) Transpiration / Freight ( Whether On Inward Or Outward ). In GSTR 3B we don’t have a separate tile for disclosing the details of a credit note issued. Only the consolidated values for the month must be provided. Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Then select MAKE PAYMENT/POST CREDIT TO LEDGER to settle your liabilities, as you cannot make any changes later to Form GSTR-3B. 25 December 2019 The credit note may be issued by the supplier for short dispatch, rejection of material by the supplier, rate difference between PO and invoice etc. Dear Sir / Madam In GSTR 3B , Under Which Column Purchase Return Credit Note Reported . These details are further broken down into the following. Note : Click X : Exclude Vouchers to exclude the voucher from GSTR-3B return. GSTR 3B does not require details to be filed on invoice-level or rate-wise. – These rules require that input credit must be reversed for goods and services, where they have been used partly for business and partly for other purposes, to the extent not used for business. If any interest or late fee has been deposited that must also be reported. If credit note is received from the supplier, firstly we have to check whether we have accounted the purchase from the supplier as per supplier invoice or accounted as per actual receipt and PO. If not, then interest applies in a staggered manner as given above plus interest at 18% p.a. If in case my sales value is less than Credit note value, it will be negative sales value as per the logic of “Reduce the outward liability”. in GSTR 3B, SALE SIDE ( OUTWARD SIDE ) LIABLITY WILL Increase, in GSTR 1, show this in CDNR sheet – as credit note – Type “D”. Details of advances as well as adjustment of advances against invoices are not required to be shown separately. 10. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. In GSTR-3B data has to be filed as net amount i.e. Download ClearTax App to file returns from your mobile phone. Mistakes People makes in GSTR- 3B which may leads to wrong reporting in GSTR 9, After filling some Annual return GSTR 9, WE have found that, many people are making following 4 mistakes in day-to-day accounting. keep your good work on. The CBIC has notified that taxpayers can claim input tax credit in the GSTR-3B return from February 2020 to August 2020, without applying the rule of capping provisional ITC claims at 10% of the eligible ITC as per GSTR-2A. GSTR 3B is a summary level return of all outward and inward supplies that all GST registered businesses have to file on a monthly basis by the 20th. And also report the credit which has been availed against these. If the GST rate difference for the FY 2017-18, can i issue a debit note in FY 2019-20. The present return filing system (GSTR-1, 2A & 3B) will continue until September 2020. – Do not include supplies which are zero-rated, or have a nil rate of tax or are exempt from GST. ere you have to report any purchases made by you of goods or services, which are from a composition dealer, are exempt, nil rated or not covered by GST at all. Read in detail. Include only those supplies on which GST has been charged by you. Although there is a delay in disclosure of the credit note in GSTR 1. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. This return contains the details of outward supplies on each invoice basis. VERY BIG MISTAKE …. For each of these you must provide, the total taxable value (total which has been invoiced). Invoice Details. Biggest mistake, People are making that For Sale side credit note ( i.e sale side reduction/ sales return ), You have claimed it in Purchase & thereby claiming ITC. (1) As per rules 42 & 43 of CGST Rules – These rules require that input credit must be reversed for goods and services, where they have been used partly for business and partly for other purposes, to the extent not used for business. Sale return shown as Purchase & Thereby claiming wrongly ITC on it – You cannot show this in GSTR 3B as “INWARD”. If not, then interest is charged in a staggered manner as given above plus interest at 18% p.a. In case of excess ITC claim in GSTR 3B as determined after the filing of corresponding GSTR 2,the excess amount claimed will be reversed from the ITC ledger OR added to the liability ledger. Any other persons may also be notified by the Commissioner. ^^The due date was extended via CGST notification no. Just upload your form 16, claim your deductions and get your acknowledgment number online. © 2021 ‐ Defmacro Software Pvt. *No interest charged if GST dues are paid before 4th Apr, 5th May and 4th Jun for Feb, Mar & Apr respectively. 9. Is there is any Time limit to issue Debit note? Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Mind well, You are doing wrong. 3.1 i.e. Hence, liability has to be paid through GSTR 3B For showing the credit note in the GSTR 3B, one can deduct or net-off the amount of credit note from total outward taxable supplies. Input tax credit on the closing stock is not required to be reported here, as this input tax credit must be first reported by filling up. include supplies which are exempt from GST or are nil rated. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. From Tally.ERP 9, you can generate GSTR-3B, export the data in the JSON format, and … In such cases, you have to prepare an invoice for yourself and pay the applicable GST rate of tax. For eg, alcohol and petroleum products. Our experts can help you calculate the amount of credit to be reported here. 36/2020 dated 3rd Apr 2020. You have to reduce sales in GSTR 3B. But, as it is related to the previous financial year and has been disclosed till Sep 2018. REJECTING THE GOODS FROM THEIR FACTORY GATE.. ) THE CLIENT JUST PREPARE A SINGLE SIDE CREDIT NOTE AND REDUCE THE SALES.. Credit note pertaining to supplies made in FY 2019-20 can be issued not later than the due date of filing of GSTR-3B for Sep 2020 month i.e. SUCH PPL R HEADING FOR A BIG TROUBLE. (a) above. 15CA & Form 15CB – Lucidly Explained 18 FAQs, Freight Charged By Supplier On Goods Sold. Your email address will not be published. 3.1. Please feel free to ask me anytime to learn about CN-DN. After receiving the credit note from the supplier, the recipient’s input tax credit will be reversed to the extent of the credit note in GSTR-3B of the month in which credit note received from the supplier. Similarly, input credit reversal is also required where supplies include taxable, exempt and nil rated supplies. This is the detail required for input tax credit. Increase in Taxable Value -When a supplier requires to increase the taxable value of a supply, he/she has to issue debit note to the recipient. It must be provided separately for IGST, CGST, SGST, UTGST, and Cess. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. Interest @ 24% will have to be paid for such excess amount wrongly claimed. Firstly, keep in mind that only seller need to make Credit Note – debit note (& never Purchaser).Both Debit Note or Credit note need to be prepared only by Supplier (seller). Thanking you. April 1, 2021, 13 Suggestion to FM for Simplification of GST (Hindi & English), Remittance Abroad – Form No. In case we are issuing a revised invoice (in case of sales return), we will select first option. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. The treatment of a debit note or a supplementary invoice would be identical to the treatment of a tax invoice as far as returns and payment are concerned. Instead, it is dealt as a tax adjustment by way of deduction from Total taxable value and tax liability and only the net tax receipts are recorded in the tile ‘Details of … If you have CLAIMED wrong ITC of “FMCG PE” ” FOOD & BEVERAGES | MOTOR CAR IF less THAN 13 PERSONS | construction | Goods Destroyed/lost | Personal Expenses | Exempted Goods Manufactured then you need to reverse it. Or any Multilateral Financial Institution and Organisation notified under the United Nations (Privileges and Immunities) Act, 1947. Zero-rated supplies are exports or supplies made to SEZ. Value of Taxable Supplies = Value of invoices + value of debit notes – value of credit notes + value of advances received for which invoices have not been issued in the same month – value of advances adjusted against invoices. Good Article & thank you for sharing your knowledge on GST. Total amount of input tax credit availed through GSTR 3B ... As any supplier gives credit note to the ISD then input tax credit is required to be reduced shall be apportioned to each recipient in the same ratio in which the input tax credit contained in the original invoice was distributed by the ISD. Or which have been kept exempt from GST. Nil rated supplies are those for which the GST rate is nil. Please note that on all the above EXPENSES, You need to pay RCM to Govt… If you have forgot to pay GST under RCM on these EXPENSES in FY 17-18, 18-19, 19-20 THEN PLEASE PAY GST TO GOVT. Only total values have to be reported and invoice level information is not required. will apply from the next day after 24th Jun 2020 up to the actual date of filing. Under GSTR 3B over reported sales figure will be deducted from the total sales figure (if feasible) from point no. Henceforth, the input tax credit on invoice or debit note may be availed only when the details of such invoice or debit note have been furnished by the supplier in the statement of outward supplies and such details have been communicated to the recipient of such invoice or debit note. Supplier who is issuing credit note/Debit Note will declare the details of credit note/Debit Note issued under GSTR-1 of that month or later but not later than September following the end of the financial year in which such supply was made, or the date of furnishing of the relevant annual return, whichever is earlier. 1. This information must be broken down into inter-state and intra-state. With effect from 1 st January 2021, the registered person, filing Form GSTR-3B, can claim provisional input tax credit maximum up to 5% (earlier the same was 10%) of the eligible Input Tax Credit. Hence in your case, if you received the credit note from supplier, then you d Both local and interstate details will be shown here. The balance tax must be deposited by you and appears under column 8. Value of Taxable Supplies = Value of invoices + value of Debit Notes – value of credit notes + value of advances received for which invoices have not been issued in the same month – value of advances adjusted against invoices. These are specialized agencies of the UNO (United Nations Organisation) or an embassy. Mind well, If you want to file GSTR 9 quickly then file GSTR 3B perfectly every month. File Income tax returns for free in 7 minutes, Get expert help for tax filing or starting your business, Curated Mutual Funds & plans for tax savings, Complete solution for all your e-invoicing needs, I-T, e-TDS & Audit Software for CAs & Tax Professionals, 1 click auto-fill GSTR-3B with GSTR-1 data, Download 2B data for multiple months in < 2 mins, GSTR-2B vs purchase matching in under 1 min. Under this section, you have to report the final tax payable by you on taxable supplies made by you, which will match with 3.1. ##Category B: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, the Union Territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi. A debit note in GST, is a document issued by the supplier in the following cases: The issuance of a debit note or a supplementary invoice creates additional tax liability. It may be noted that while making adjustment in the output tax liability or input tax credit, there can be no negative entries in the FORM GSTR-3B. COs LIKE ESR.. MEGNI ETC.. GSTR 3B is only showing an aggregate total amount. Any invoice/debit note/credit note (including sales invoice) of FY 17-18 missed/ incorrectly reported in GSTR 1/3B can be reported in upcoming GSTR 1/3B till earlier of September 2018 or before filing of annual returns Note: GSTR1/3B once filed cannot be amended, but any invoice if missed/incorrectly reported can be added in upcoming GSTR 1 /3B Since GSTR 3B is a summary return, you can adjust the turnover by deducting the credit note entries (sales Return). All Rights Reserved. What is right approach ?? Resolving Incomplete/Mismatch in Information (GSTR-3B) File GSTR-3B. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. But, interest applies from the 16th day at a reduced rate of 9% p.a. Kindly suggest effect regarding Credit Note in GSTR 3B Return as the software is not considering Negative Figures in 3B Expert : Anonymous (Expert) 15 December 2017 Credit note cannot be issued in above case, reason being there is no any excess charging of tax.These, is a case of tax wrongly charged and paid to the government. (you can use your provisional id as your GSTIN if you do not have a GSTIN), [this field is auto-populated after entering GSTIN]. – This will be auto-populated by ClearTax. Instead of Reducing Sale side liability. Credit Note Debit Note (Unregistered) It is to be filled in case of cases like. will apply from the next day after 30th Sept 2020 up to the actual date of filing. provide details of purchases made by from unregistered dealers on which reverse charge applies. In order to submit a comment to this post, please write this code along with your comment: 2b74eaccb650ef450681773a00d18003. So we need to be extra – cautious in filling the GSTR 3-B Form so that the required Output Liability and the available Input Tax Credit is correctly reflected in the Electronic Credit Ledger. Note: The debit/credit note raised beside sales/purchase returns shall be also be counted as a part of turnover in GSTR 3B. A credit note pertaining to the previous year was issued on time but reported in GSTR 1 of next year. For the GST Rate difference in the invoices of FY 2017-18, can I issue a debit note in FY 2018-19? Next, select PREVIEW DRAFT GSTR-3B to view the summary page of Form GSTR-3B before making any payments. A credit note in GST, is a document issued by the supplier in the following cases: Supplies are returned or found to be deficient by the recipient – When goods supplied are returned by the recipient or goods/services supplied are found to be deficient by the recipient, the supplier should issue a Credit Note.