TMI BlogTREATMENT OF REJECTED GOODSX X X X Extracts X X X X X X X X Extracts X X X X ..... Hello everyone, My query is how to account for the rejected material by the purchaser in Books of Account. The purchaser is denying to issue Debit Note / Rejection Memo. Sale Invoice has already been raised. - Reply By YAGAY andSUN - The Reply = You can simply issue a credit note. As per the provisions of GST Laws, Credit Notes/Debit Notes can only be issued by the seller of goods. - Reply B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Spudarjunan S - The Reply = Issue a tax credit note with the GST component as per section 34 of CGST Act, 2017 if you had made domestic taxable supplies or made zero rated supplies with payment of Integrated Tax. By issuing the Tax credit note you reduce your output tax tax liability provided the recipient also reduces his ITC in relation to the same. If you had exported such goods and r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-importing the same you need to avail the benefit of notification no.45/2017-Cus (Tariff) dated 22nd July 2017 where you don't need to pay BCD but only the reversal of any benefits availed while making the original export. Anyhow you can issue a credit note for the transaction. - Reply By ARPIT OJHA - The Reply = The problem is that the purchaser is not considering the materials in his b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ooks of accounts. He is returning back the same from outside his factory premises. If i issue a Credit Note then how the transaction will be nullified at both the ends.. - Reply By YAGAY andSUN - The Reply = since your customer had not accounted for these purchases in their books of accounts therefore it would be sufficient to issue a credit note on such transactions to effect nullification. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply By KASTURI SETHI - The Reply = I support the views of both experts. Comprehensive and clear replies. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = You may issue credit notes as advised by our experts. - Reply By ARPIT OJHA - The Reply = Thanks all for your valuable feedback. - TREATMENT OF REJECTED GOODS - Query Started By: - ARPIT OJHA Dated:- 1-2-2019 Goods and Services Tax - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GST - Got 7 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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