Itc on discount
This query is : Open
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.
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
(Expert)
01 January 2018
Whether supplier issued credit note showing the GST separately ?
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
(Querist)
03 January 2018
and also showing gst amount in credit not
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
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