Credit note
This query is : Resolved
04 August 2018
ABC (SUB DEALER)
XYZ( MAIN DEALER)
XYZ is issuing credit to ABC for quantity discount. But this criteria and calculation is not mentioned in an agreement between the these parties. Credit note amount can trace billwise and credit note is seperately shown GST also. Because of the absence of rules mentioned in sec.15 of the CGST act, (i.e have agreement, but calculation criteria/parameter not mentioned its open ended)
My question is:
1. If ABC is reversing the input of this credit note, XYZ can claim this benefit( can less from their taxable supply amount)
XYZ( MAIN DEALER)
XYZ is issuing credit to ABC for quantity discount. But this criteria and calculation is not mentioned in an agreement between the these parties. Credit note amount can trace billwise and credit note is seperately shown GST also. Because of the absence of rules mentioned in sec.15 of the CGST act, (i.e have agreement, but calculation criteria/parameter not mentioned its open ended)
My question is:
1. If ABC is reversing the input of this credit note, XYZ can claim this benefit( can less from their taxable supply amount)
06 August 2018
It is difficult to substantiate the fact that discount was known at the time of supply, further you will be required to issue credit notes invoice wise
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
