As far as your question is concerned,it is compulsory to reverse the input claimed.But as far my opinion is concerned many of the business concerns is not reversing the input because of lot practical issues.
1)GSTR 2 reconciliation is not available in the portal.
Yes it is compulsorily to reverse the input received earlier to the extent of GST portion on purchase returns. As Balakrishnan said in practical business world, suppliers and purchasers are on a common understanding, not to avail and reverse the credit from both sides.
But everyone needs to note that, the GST Dept might ask the buyer to reverse the credit, even though suppliers not took the credit on a common understanding.
Hence it is beneficial to reverse the input credit to avoid paying interest at a later point upon finding by GST Dept. 😎😎
Taxes are too important and there is the requirement for making is more concerned. Furthermore just join the movement like essaytigers review and you will grab the main essential components that must be in notice.
Hi,
As far as your question is concerned,it is compulsory to reverse the input claimed.But as far my opinion is concerned many of the business concerns is not reversing the input because of lot practical issues.
1)GSTR 2 reconciliation is not available in the portal.
2)Tax to be remitted back to the department.
3)Lot of followup of the invoices has to be done.
Yes it is compulsorily to reverse the input received earlier to the extent of GST portion on purchase returns. As Balakrishnan said in practical business world, suppliers and purchasers are on a common understanding, not to avail and reverse the credit from both sides.
But everyone needs to note that, the GST Dept might ask the buyer to reverse the credit, even though suppliers not took the credit on a common understanding.
Hence it is beneficial to reverse the input credit to avoid paying interest at a later point upon finding by GST Dept. 😎😎
Taxes are too important and there is the requirement for making is more concerned. Furthermore just join the movement like essaytigers review and you will grab the main essential components that must be in notice.
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