As per the transition provisions [Section 142(1)], taxable person is required to consider return of pre-GST inward supplies as an outward supply and raise a tax invoice for the same. However, for the purpose of accounts, the same would be considered as a purchase return and reduced from the total purchase value instead of being disclosed as arevenue in the books of accounts. In such a situation, the aggregate value of the returns which has been considered as an outward supply under GST has to be adjusted in Sl. No. 5O for the purpose of reconciliation.
What is the effect of return of pre-GST inward supplies by a taxable person? Print
Created by: WIRC-GST Helpdesk .
Modified on: Thu, 13 Jun, 2019 at 7:01 PM
Did you find it helpful? Yes No
Send feedbackSorry we couldn't be helpful. Help us improve this article with your feedback.