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Please Help: Debit note in respect of Old Stock

Posted Date : 02-Dec-2017 , 01:28:21 pm | Posted By: Shashank Kumar Shekhar

Category : GST | Answers : 0| Comments : 0| Hits: 146

Greetings of the day ! I need clarification on below Issue : M/s ABC (registered person) purchased goods from M/S XYZ (registered person) before January 2017 (suppose in November 2016) under VAT regime. Now M/S ABC are returning said goods in November 2017 to M/S XYZ and issue Debit note with GST taking existing rate of GST (Let Value 100,000/- and GST 12,000/- = 120,000/-), while M/S XYZ is not considering GST amount and issue Credit note (Value 100,000/- GST- Nil). 1. Whether the above entry in the books of XYZ is correct ? 2.Whether the above entry in the books of ABC is correct ? 3. Whether M/S ABC is required to pay GST (INR 12,000/-) from own pocket ? 4. Whether M/S XYZ is not entitled to Input Credit of INR 12,000/- ? (I think no, because original sale was made 6 months earlier of appointed date)

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