Itc on discount

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2017 IF REGISTER DEALER PURCHASE GOOD FROM REGISTERED SUPPLIERS AND INVOICE GENERATED AND AFTER SUPPLIERS ISSUE DIFFERENT CREDIT NOT FOR EXTRA DISCOUNT ON ACHIVE TARGET SCHEME AND MONTHLY SALE SCHEME.
SO GOOD RECEIVER WHAT TO DO FOR ITC.
EXAMPLE

BILL NO. 01
TAXABLE VALUE IS 10000
CGST 1400
SGST 1400
TOTAL 12800 RS
SO ITC RS 2800

AFTER SUPPILERS ISSUE CREDIT NOT ON ABOVE INVOICE RS 600 EXCLUDING SGST+CGST =168(84+84)
AND MONTHLY TARGET DISCOUNT CREDIT NOT ON ABOVE INVOICE RS 100 EXCLUDING SGST+CGST =28(14+14)

ABOVE BOTH CREDIT NOT ISSUE IN DIFFERENT VOUCHER.

SO RECEIVER WHAT TO DO FOR ITC AND HOW MUCH ITC WOULD BE CLAIMED.

CA Suresh Jain

CA Suresh Jain (Expert)

01 January 2018 Whether supplier issued credit note showing the GST separately ?

Dinesh Chandra Suthar

Dinesh Chandra Suthar (Querist)

03 January 2018 he showing against invoice and deducted amount of discount in ledger not in bill of receiver.

Dinesh Chandra Suthar

Dinesh Chandra Suthar (Querist)

03 January 2018 and also showing gst amount in credit not

CA Suresh Jain

CA Suresh Jain (Expert)

22 January 2018 ITC claimed by you against the invoice for which discount is given by the supplier is required to be reversed

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

31 October 2026 Since Oct 2024 a supplier can reduce output tax on a GST credit note only if you reverse the matching ITC (Sec 34(2) proviso), done by accepting it in IMS, so here Rs 196 comes off your ITC; a target or scheme discount not agreed before supply and linked to invoices should instead be a financial credit note without GST, needing no reversal.

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