Discount On Sale

This query is : Resolved

CA Garima Bhayana (Querist)
Follow

03 March 2020 One party had sale on July 2019 (let say 100+18=118)but buyer done payment less then invoice value let say 98 so party shown the difference in discount i.e. 2 Rs. and issued credit note of Rs 2 to Buyer. Is GST applicable on discount amount ?

CA Anita Bhadra

CA Anita Bhadra (Expert)
Follow

03 March 2020 Yes
GST on discount is not applicable only on those cases where the it is indicated in agreement before the supply takes place

Message likes : 1 times

CA Garima Bhayana

CA Garima Bhayana (Querist)
Follow

03 March 2020 Thanks for reply Mam. Can you please tell me in detail what will be treatment in GST Returns? Whether GST will be deducted from outward supply ?

Gokul Sharma

Gokul Sharma (Expert)
Follow

03 March 2020 if you want to reduced your gst liability then you should issued credit note to the party.
2 Rs + gst applicable

CA Garima Bhayana

CA Garima Bhayana (Querist)
Follow

04 March 2020 can we issue credit note of Rs 2 to party without GST and debit Rs 2 in P&L A/c as discount?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

UPENDRAN YADAV

ramesh kumar

Ashutosh Purohit

MUNISH KUMAR

efiletax

Subscribe Now

Discount On Sale

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA