GST IMPLICATION ON DISCOUNT
This query is : Resolved
24 February 2024
INVOICE SAMPLE
Seller.....A
Buyer ...B TAX INVOICE
I. ITEM RMCTH......3nos. Rate 500 each 1500.00
Add.. GST 18% 270.00
Total
1770.00
Special Discount.................. 270.00
Amount Payble.................... 1500.00
Amount paid by B to A............Rs.1500.00
Query.....Whether the Buyer B has to reduce ITC of GST 18% on on Discount Rs.270.00 ??;
Here the seller A has not reduce any Gst liability of his own and deposited the full GST charged of Rs. 270.00 to the Revenue...
Please Resolve and Clarify....>THANKS
Seller.....A
Buyer ...B TAX INVOICE
I. ITEM RMCTH......3nos. Rate 500 each 1500.00
Add.. GST 18% 270.00
Total
1770.00
Special Discount.................. 270.00
Amount Payble.................... 1500.00
Amount paid by B to A............Rs.1500.00
Query.....Whether the Buyer B has to reduce ITC of GST 18% on on Discount Rs.270.00 ??;
Here the seller A has not reduce any Gst liability of his own and deposited the full GST charged of Rs. 270.00 to the Revenue...
Please Resolve and Clarify....>THANKS
26 February 2024
No need to reduce, as seller deposits full GST.
Message likes :
1 times
02 March 2024
Sir,
The discount has been given by the Supplier on The Tax Invoice ,itself after charging gst on the original price and deposited the full gst and 2A also ...reflects the full TAX Amount....
INVOICE SAMPLE
.TAXABLE AMOUNT>>>Rs.5000
TAX........18%GST Rs. 900
TOTAL....................Rs.5900.00
Discount ....... Rs. 400.00
Grand Total..... Rs.5500.00
The Buyer paid Rs.5500.00 and the seller deposited full GST amount Rs.900.00......Whether ITC on RS 400.0 is to be reversed...
THANKS
The discount has been given by the Supplier on The Tax Invoice ,itself after charging gst on the original price and deposited the full gst and 2A also ...reflects the full TAX Amount....
INVOICE SAMPLE
.TAXABLE AMOUNT>>>Rs.5000
TAX........18%GST Rs. 900
TOTAL....................Rs.5900.00
Discount ....... Rs. 400.00
Grand Total..... Rs.5500.00
The Buyer paid Rs.5500.00 and the seller deposited full GST amount Rs.900.00......Whether ITC on RS 400.0 is to be reversed...
THANKS
02 March 2024
No need for reversal in such a case as 900 GST paid.
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