Discount On Sale
This query is : Resolved
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 ?
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
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
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 ?
03 March 2020
if you want to reduced your gst liability then you should issued credit note to the party.
2 Rs + gst applicable
2 Rs + gst applicable
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Grand in aid
- ASMT-10 received from A O
- IT returns for fresh job holders
- ITR-Capital Gain
- Traces submitting correction statement error
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Residential status of non resident
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
