What if purchase return is more than purchase in Gstr 3B?

Report the Sales in the GSTR3B after deducting sales return( Taxable value, tax amounts), For purchases need to report only Input tax amounts after deducting tax amounts relating to purchase returns. if you have excess purchase return then you can show it in 4B itc reversed (2) others.

What to do if sales return is more than sales in Gstr 3B?

As negative figures is not allowed to be mentioned in GSTR-3B, If Sales return is in excess of sales in a particular month, the taxpayer can file NIL GSTR-3B for particular month (because there is no GST liability), and in next month’s GSTR-3B adjust the remaining amount of Sales return from future tax liability.

Can we put negative value in Gstr 3B?

Now you can enter a negative figure in GSTR 3b. GSTIN portal has enabled the facility to report the negative figure in GSTR3b. It is a huge relief for the taxpayer. GSTIN doesn’t allow us to edit the GSTR 3b.

How do you treat purchase return in GST?

Taxable goods returned by registered person Goods (on which taxes were paid under the previous regime) returned by a registered buyer will be treated as ‘Deemed Supply’. GST has to be paid on this by the person returning the goods.

How do you treat replacement of goods under GST?

Answer: As parts are provided to the customer without a consideration under warranty, no GST is chargeable on such replacement. The value of supply made earlier includes the charges to be incurred during the warranty period.

How do you treat credit note in Gstr 3B?

The details required are as follows:

1. GSTIN of receiver.
2. Debit/credit Note No.
3. Date.
4. Original invoice number (in respect of which credit/debit note is being issued)
5. Original invoice date.
6. Type (whether debit note, credit note or refund voucher)
7. Value.

How do you adjust negative figures in Gstr 3B?

34000/- from the August outward supplies. If the taxpayer is having sale return in a month more than sales, taxpayer will file the GSTR-1 in normal way. But will not show this negative amount in GSTR-3B for that month. By doing so taxpayer will end up paying more tax for that month.

How can I revised Gstr 3B?

Steps to Revise GSTR-3B

1. Step 1: Login to the GST portal and to go to the’ RETURN DASHBOARD’
2. Step 2: Select the year and the month for which you want to reset GSTR-3B.
3. Step 3: Click on Prepare Online.
4. Step 4: Since you have already submitted return, option to ‘Reset GSTR 3B’ will be activated.

How are purchases returns treated in the trading account?

Treatment of Purchase Returns in the Financial Statements Return outwards or purchase returns are shown in the trading account as an adjustment (reduction) from the total purchases for an accounting period. It is not shown in the income statement or the balance sheet.

How do you treat sales returns?

Sales revenue is increasing credit and decreasing in debit account. The sale return account is creating for recording the sale that is returning from the customer. It is the contra entries of the sales account, increasing in debit and decreasing in credit.

Where is the purchase return ITC in Gstr 3B?

Net ITC(Purchase – Purchase Return) can be entered in All Other ITC Column if the purchase return credit note has been issued in the same month of purchase. Otherwise, it would be mentioned as reversal of ITC….GSTR 3b is for sale and ITC.

1. Yes you can show net ITC.
2. No.
3. it would be mentioned as reversal of ITC.