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All QuestionsCategory: GST LitigationWhat shall be the treatment in an annual return?
Profile photo of CA Rishabh AggarwalCA Rishabh Aggarwal asked 3 months ago

What shall be the treatment in an annual return?

A credit note pertaining to the previous year has been issued next year and duly reported in GSTR 1.

What shall be the treatment in an annual return?

The credit note is generally issued next year when a sales have done now, has been returned back in the next year.

Which in itself is an ambiguous issue and there are two practices being adapted to adhere to this,

Some believe that it relates to sales made in a current year and shall be duly reported in annual return part V of the same year. For which a supporting is also found in Form 9C, which states to report adjustment in credit note reported in annual return GSTR 9 after the end of FY.

Some have an opinion that since sales return is an independent event which has taken place in the next financial year, reporting of credit note shall not be made in annual GST return for the current year.

What’s your opinion?

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