How to reverse the sale invoice

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... How to reverse the sale invoice
Query (Issue) Started By: - THYAGARAJAN KALYANASUNDARAM Dated:- 18-2-2021 Last Reply Date:- 12-6-2021 Goods and Services Tax - GST
Got 3 Replies
GST
Dear Experts, One of my client's who supplied goods to their customer on a contract basis, i.e. supply, erection, testing and commissioning basis against the purchase order. Terms of Payment : No adva .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nce payment only after completion of the contract, the customer would release the entire payment. My client despatch the goods to their customer along with invoice in Feb,2020. But now feb, 2021 only the contracts got completed. When we are asking for the payment, the customer said that, the invoice should be raised only now and the invoice raised in Feb,2020 was not accounted. My query is how .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... to make fresh invoice in order to collect the payment along with tax and reversing the old invoice F.Y. 2019-2 . We have already disclosed this invoice in feb,2020 and discharged the taxes to GST and the revenue was recognised in Income Tax also. Thanks in Advance. Reply By Shilpi Jain: The Reply: A pretty difficult situation to handle unless the accounting in your books for FY 2019-20 can be .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... changed along with the return workings to depict that the invoice was booked in your books in FY 20-21 only. Reply By Ganeshan Kalyani: The Reply: As Sept 2020 was the last return period by which credit note for invoice of FY 2019-20 can be issued with GST, there will be loss to you (of GST amount) if you raise credit note now in Feb 2021. As your client is asking for fresh invoice, if you raise .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... invoice with GST now then GST is payable. So the GST which was paid last year can be claimed as a reimbursement from you client thru financial credit note. However, if the terms of contract is such as explained by you this too is difficult. No wayout it seems. Reply By YAGAY andSUN: The Reply: We endorse the view of Experts.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X