21 May 2019
we are a dealer of ambuja cement. Now the company is issuing us credit notes with gst for rate reduction which is fine, but along with that they are issuing us credit notes in the name of discount without any gst on them. Since these discount are forming part of indirect income and thus creating a difference between data reported under income tax and gst portal.
my question is can these type of financial credit notes without gst be issued or not.
21 May 2019
These type of credit notes can be issued. They are in nature of cash discounts which can grouped under the head 'other incomes'.These transactions should not be adjusted against sales. Therefore, it will not create any difference between data in income tax return and GST return.
24 May 2019
Sorry for the late reply sir I am relieved now. The confusion was created with this video https://www.youtube.com/watch?v=edRcNQWboKU. your comment will be really helpful.
CAclubindia
