Without GST Credit notes
Without GST Credit notes :
I receive credit note from my seller without any GST credit being reversed, I reduce the total amount of credit note from my purchase without reversing any ITC against the same as no ITC was credited back to me.
Do I liable to reverse GST on the credit note ? And my selling price is less price than my purchase price due to credit notes received. ITC is always standing in my E-Credit ledger because of Low selling price than purchase price. So I want to know what is the law regarding this. I have gone through GST ITC rules but didn’t find anything on this point.
As per facts provided by you seems that you have received Non GST credit note like for cash discount, down payment discount. You not need to reverse any credit under GST.
It is possible to have always ITC due to duty inverted structure. So nothing to worry for the same.