Decoding of Credit Note with GST vs. Financial Credit Note without GST || CA Bimal Jain

Рет қаралды 19,474

3 жыл бұрын

Decoding of Credit Note with GST vs. Financial Credit Note without GST || CA Bimal Jain
For any query related to GST write back to us at:-
info@a2ztaxcorp.com
Regular and up to date GST updates are now available on Whatsaap Group & Telegram Channel of A2Z TAXCORP LLP as well:-
Join our Group at - chat.whatsapp.com/DSgudWMoGTQ...
Join our Channel at - t.me/a2ztaxcorpllp
Download Our Free GST Android App:-
play.google.com/store/apps/de...
Connect with us on Facebook, Twitter & LinkedIn:-
Facebook - / bimaljain.gstii
Twitter - / bimalgst
LinkedIn - / bimal-jain-4b460114

Пікірлер: 80

@mayanksinghsolanki 3 жыл бұрын

Nicely explained sir. It is common for companies to issue C/n without gst even in time limit. This clear most of the doubts.

@eshankothari1119 3 жыл бұрын

It is requested to post these small videos, they are very helpful to us,............Thanks a lot

@dhparmar2810 Жыл бұрын

Excellent

@shivamrc1020 3 жыл бұрын

As usual you were outstanding Sir...👏 Thank You Sir for your valuable insights in this burning issue of Credit Note Vs. Financial Credit Note...🙏

@kamalmall8464 3 жыл бұрын

Nicely explained sir. Hinglish is very useful for the general viewers.

@dishikar839 3 жыл бұрын

Thank u sir for such small videos for clearing concepts

@damodarvedantham6951 3 жыл бұрын

bimal sir crystal clear explanation with regard to credit note thanks a lot for all gst updates sri gurubhyo namaha

@jagannadharaoandsonsjupudy4733 2 жыл бұрын

Thankyou so much for your valuable content

@jitendraparashar8501 3 жыл бұрын

Very useful word u are saying

@rameshsrivastava2106 3 жыл бұрын

Very illustrative explanation by you Sir.

@myrvverticalvideos9405 Жыл бұрын

Thank you sir,

@santoshnavubothu6314 3 жыл бұрын

Great explanation sir.. Thanks a lot for ur videos...

@mnsreddyassociation5825 2 жыл бұрын

Thanks for the video sir

@yashharishadyar525 3 жыл бұрын

Good explanation sir, thank you very much

@b.dsharma873 Жыл бұрын

Excellent, as usual👌

@willyalex6807 3 жыл бұрын

Thank You Sir.

@bikramsahoo4285 2 жыл бұрын

Very nice sir

@prasadnilugal4691 3 жыл бұрын

Thank you Sir , good info

@anilkumargupta7723 3 жыл бұрын

Thanks for the information, sir

@kuldeepdahiya5318 3 жыл бұрын

Very well explained Sir. Subscribed 👍🙏

@priyabratadutta5523 3 жыл бұрын

Thank You Sir

@mainaksinha6071 3 жыл бұрын

Thanks sir ji.

@balunavaneetham 3 жыл бұрын

Well explained sir.. 👍🙏

@shubhagrawalskn 3 жыл бұрын

Nicely Explained. Sir. Sir please Discuss the treatment of free vouchers provided by the V mart or V Bazaar or Any other Supplier.

@VINODPATEL-xn4ym 3 жыл бұрын

That's guruji

@GKumar23236 2 жыл бұрын

Thanq so much sir my doubts are cleared but one small requesr for below mentioned..however those discounts shall not be excluded while determining the value of supply in commercial are financial credit notes issue

@thulasiram1934 3 жыл бұрын

Hello sir, well articulated presentation. I have other doubt for suppose an entity issued the credit note under GST instead of financial credit note, as they were not aware of the timeliness of issuing a CN. The problem is the recipient has reversed the credit on the basis if invalid CN, while conducting audit this was identified. Now Whether the recipient can reavail the credit without complying the time limit for taking credit u/s 16(4) of CGST act

@chandankumar-bo6nt 3 жыл бұрын

Nicely explained 👌sir..🙏

@bibhutibhusankar3794 Жыл бұрын

Sir can you please elaborate on the impact of financial credit note on GST paid on RCM basis on Royalty and claiming the same as Input tax credit. In that case whether the taxpayer required to reverse the same amount of tax or not?

@m.p.lingamshashwatyashmit1909 3 жыл бұрын

My humble understanding from this video is of that the Reversal of input tax credit doesn't arise where ever financial credit note only issued instead of GST credit note.Am I correct.....Thank u sir for ur valuable information.

@drhcavskrishnamohan9152 2 жыл бұрын

sir Plz continue the full video in English only. south Indians are unable to follow the Hindi. Plz understand our problem.

@SEERAT42 3 жыл бұрын

so nice u r sir

@Csjitender94 Жыл бұрын

Sir, apne btaya CN only 4 condition me issue hoga as per sec 34, but discount or incentive ka case to sec 34 me cover hota hi nhi to discount ke case me CN issue ki power konse provision se milti hai

@AshokJain-vu5tm 3 жыл бұрын

its true that giving always result in growth

@anandkumar-mi9ml 3 жыл бұрын

sir goodmorning shall i claim input tax from 2017 /july to 2021/March , actualy i filed GSTR1 but not filed GST3B as i mention but now i filed as per 43rd council meeting i pay late fee, but shall i claim ITC input or not

@vikashkhara2614 3 жыл бұрын

Sir, Nice explanation. Thank you very much. Sir, Could you throw light on disclosure of reversal of itc of credit note in 3b. Either by way of net itc in 4(A)(5) or otherwise by taking gross itc and then reverse in 4(B)(2)

@thulasiram1934 3 жыл бұрын

It should be reversed by disclosing it separately under Table 4B(2) of GSTR-3b. Other wise there is a possibility that in future Dept may issue a notice u/s 73 or 74 for excess availing ITC, as they don't consider the amount netted of in table 4A(5) of GSTR 3B

@caparthajitghosh5797 Жыл бұрын

Dear sir please explain chargability of GST of Incentive which has been credited to profit and loss account by way of financial credit note ...whether department can treat this incentive as supply of services and ask to pay gst @18% on the incentive amount?

@xclusivedmv 3 жыл бұрын

Outstanding explanation sir as always, but plz explain reg. compulsory to show in gst, expiry goods recd from my customer/retailer and return to distributor without gst

@cabimaljain 3 жыл бұрын

@krgulshan Жыл бұрын

Sir please suggest we had paid full payment with gat to a sevice supplier through bank mode now he uploaded credit note in gst and our tax liabilities increased while we have already paid this amount to vendor with payment what to do ?

@SunilKumar-br7ve Жыл бұрын

Sir, I have one question for example I have sold the goods on an advance payment dated 29 March 2023 of Rs.10 lakh to interstate supply. But we have not shown the discount in the invoice. The discount was 10%. Please suggest to me shall I need to make the credit note to close the transaction or direct I can make the entry in rebate and discount.

@dnkachru3203 2 жыл бұрын

In case one lowers purchase value by including commercial credit notes, will gst be paid to govt or it is a pure income and linked to purchase nett value? Pl answer

@caankushotawat8655 3 жыл бұрын

👍

@pioneerproffessionals1759 3 жыл бұрын

Sir Can we raise CN for wrongly raised invoice. Dept rejected it and created demand Regards

@vidhiashar6307 Жыл бұрын

Hi Sir. I have a Query related to Credit note Could you please help? Query: For the FY 2018-19, there are some Credit notes which are not reported in GSTR1, Further, it's unreported till September 2019. But reported in GSTR within the due date is 31st December 2020. Subsequently, The Recipient did not reverse the ITC as we did not report in GSTR1 and hence officer called us regarding an explanation for the same. What legal stand can we take here, since the recipient is in default?

@rajeshtanna5117 3 жыл бұрын

sir In case of Mobile Operator dealers they regularly issues credit notes as incentives that to without GST treatment. whether recipient should charge GST as he is crediting the amount as Income?

@NEHAPANDEY-vq8bb 3 жыл бұрын

If due to defect in supply recipient if not paying partial amount to supplier then what is taxation impact on liability as well as reversal of ITC?

@amitagarwalla3827 3 жыл бұрын

Sir in case, any discount is provided after supply of material which is conditional in nature like if paid within 30 days then CD of 5% to be provided. In such cases whether financial Credit note can be issued ?

@SunilSingh-er2lo 2 жыл бұрын

Sir hm every month target dete h customer ko ya scheme ki itna goodssale kroge to some parcent discount denge ya items, agreement every month bnega ya yearly basis

@ashwanimittal9554 3 жыл бұрын

Sir Pls also make a video on ITC on business promotion expense.

@kirtibhaishah2337 3 жыл бұрын

Sir, limitation is provided for issuance of Credit Note or limitation is provided to declare C.N. upto which return ?

@subhashrudra2617 2 жыл бұрын

Sir Please do not mind .people from south are comfortable in Hindi so its my humble request to you to conduct class only in English...

@AnilKumar-ms1di 3 жыл бұрын

Time limit is for issue or for upload in gstr 1

@kishansaha1246 Жыл бұрын

What if due to financial credit note...goods sold below purchase price. I.e negative margin e.g. purchase value 100/- Financial CN 10/- Sales price 95/- Then whether valuation rules attract

@NEHAPANDEY-vq8bb 3 жыл бұрын

Whether ITC reversal required on account of issue of financial credit note?

@cabimaljain 3 жыл бұрын

@HarishKumar-dn7tf 3 жыл бұрын

Sir Please tell me that Whether the Financial credit Note amount can be reduced from Purchase Amount or to be shown as Indirect Income in profit & loss account ?? Please Reply

@briyanoza9908 2 жыл бұрын

Respected Sir, What's your opinion, if the supplier issues credit note for rate discount without charging GST within 180 days from the date of supply do we as a buyer need to reverse ITC on rate discount????

@ranjeetsahoo7529 Жыл бұрын

Sir thank you so much. Sir one thing I want to know why we should issue credit note with gst for incentive, discount etc . when there is an option of financial credit note. Why will we go for complications.pls advice

@harishshetty8168 3 жыл бұрын

if buyer charged penalty or late delivery charges in respect non supply of goods on or before despatch date and purhase order also had Penalty clause then can we issue the credit note with GST

@manoharshetty7202 3 жыл бұрын

yes , you can do it

@upbeatdeepika Жыл бұрын

Sir plz give any case law

@vishalkumar-oo4kp 2 жыл бұрын

Sir when we enter commercial CN in books of account it supposed to be income then any income under gst is taxable. The auditor ask deposit the gst on incentive or schemes because it is an income. Is this right, Kindly clarifying this sir?

@Cap834 3 жыл бұрын

Query 1:-Mr. Y sell the goods to Mr. X on credit Rs.300000+18% GST, Mr. X is already taken GST input on such purchase, later mr. Y issued commercial credit note(purchase return) to Mr. X for full amount including GST (Rs.354000), in this case receipent is required to reverse the itc? Supplier is required to pay the output tax if the credit note benefit is taken in the GSTR 1 and GSTR 3B? Query 2:-Financial credit note issued for only taxable value or invoice value( including GST)? Please reply

@priyeshpoddar5135 2 ай бұрын

Hi Sir, Do we need to show the financial credit note in the GST return as 0% ?

@cabimaljain 2 ай бұрын

@gauravgarg9509 Жыл бұрын

If supplier has shown lesser number of credit notes in GSTR-1 but shown more credit notes in GSTR-9, then is it allowed to reduce value of outward supplies by supplier??

@jj123989 3 жыл бұрын

Thank you🙏 Is mandatory to captured In GSTR- 1 financial credit note ?? If capture how to capture ( i.e. what's the rate of tax) because good taxable & CN issued without tax ??

@cabimaljain 3 жыл бұрын

capture CN with GST only

@jj123989 3 жыл бұрын

@@cabimaljain Thank you very much, Sir🙏

@rosshanjangid 3 жыл бұрын

Sir y it was not taken earlier

@cacvsuryam3820 3 жыл бұрын

Sir, one practical query: On account of seasonal sales, quantity discounts vary especially in Q4 and for giving discounts, supplier considers calendar year but books are closed on FY basis. In such case, how can he comply the condition of issuing CN by Sep. end, because the Q4 of FY is the last quarter of Calendar Year i.e., spill over if last quarter. In FY 19-20, discounts for Jan 20 to Mar 20 will be decided in FY 20-21 because of calendar year based discounts. Client is reluctant to change to FY basis as his sales are seasonal. Please suggest on this

@jagadeeshnaiduvallapu8531 2 жыл бұрын

Cr notes relating to f. Y 19-20 can be issued upto sep month of 20-21

@cacvsuryam3820 2 жыл бұрын

@@jagadeeshnaiduvallapu8531 No Naidu garu. Example. By the time discount for Q4 of FY 2019-20 (as per them Calendar Year 20-21) is decided, Sep 20 is gone i.e., in Jan.21 it will be decided. This is the issue.

@vjarora1997 3 жыл бұрын

Dear sir, What if a financial credit note is issued within time limit (i.e., supplier issues it Only for discount amount without GST). Whether Recipient is required to reverse ITC?

@m.p.lingamshashwatyashmit1909 3 жыл бұрын

My humble understanding is that the Reversal of input tax credit doesn't arise where ever financial credit note only issued instead of GST credit note.