Prakhar Vaishya 17 February 2021
I recently issued a debit note to supplier (located in other state) which contains IGST .
The IGST value in 4(A)(5)All other ITC of GSTR3B is negative ,as purchase return is more than purchase (NILL purchase) .
This was one time business only, I don't have any business(purchase/sale) outside my state also possibility of business outside state is also low in near future ,so all my invoices have CGST/SGST but no IGST,
Since GST portal doesn't accept any negative figures ,how to adjust this negative ITC ?
Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) 17 February 2021
Last week, the Goods and Services Tax Network (GSTN) introduced a new validation on the GST portal in the filing of Form GSTR-6 by the Input Service Distributors (ISD). As per the change, all the input service distributors can now adjust a negative Input Tax Credit (ITC) under any major heads while distributing it to its units.
The CBIC released its CBIC-NACIN weekly update dated 2nd May 2020. As per the update, an ISD credit or debit note (CDN) can be reported as a negative figure under any major head such as CGST,SGST, or IGST.
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