MSME Certified GST Live Weekend Batch to commence from 20th February 2022. Limited Seats. Register Now!!


Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

GST on discount received

This query is : Resolved 

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 no debit note is required if the seller has issued debit note you have deduct debit note gst from ITC

16 November 2020 if the seller has issued credit note*

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.

16 November 2020 @Lehraj sood Sir and @CA Sourabh Sir, As per Sec 34 of Act, we have to issue a debit note for the discount received.

16 November 2020 IN GST ,debit and credit note can be issued only by the supplier.

16 November 2020 @Lekraj sir, As per my knowledge registered person who receives a discount should have to issue a debit note u/s 34.

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

Similar Resolved Queries