14 November 2020
As a part of sales promotion, our seller is allowing the discount of 5% on the previous month's invoices and they filed the credit note in the GSTR 1 of this month. We have the following doubts in this regard. 1. Whether we have to issue a debit note for the discount received? 2. Whether we have to include the values of Debit Notes in HSN wise summary report in GSTR 1? 3. If we are showing discounts received on the credit side of the Profit and Loss account, then whether we have to pay any GST on the same? 4. In which head in GSTR 3B we have to include the value of the debit notes?
16 November 2020
1. No, you dont need to issue debit note. 2. No. 3. No 4. You have to book the credit note. If the credit note is having GST component then you have to reduce your GST credit in GSTR3B ( under credit reversed row) with the amount of GST shown in the credit note.