Company 'A' issued sold a chair to a customer on the 25th of January 2021. The customer wasn't happy with the product and decided to return the same to the company on 22nd Feb 2021. The company had filed its GST return by now. How will the company manage to refund the full amount to the customer and not incur a loss on the GST? Explain the course of action the company should take in brief.
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The course of action the company should take are:
- The firm will offer the consumer a debit note for the value of the chair.
- Since the corporation passed on the tax incidence when it submitted the GSTR.
- The company's output tax liability or e-liability ledger will be credited by issuing a debit note to the customer, and the consumer will undo the amount of ITC declare or his e credit ledger will be debited.
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