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.
Answer the question