QUARTERLY DISC RECD....HAVE TO PAY GST
This query is : Resolved
21 October 2024
AS WE MAKE PURCHASES.....& ACHIEVED TAGET OF PURCHASES
PARTY HAS ISUUED......DISCOUNT A/C...CREDIT NOTE ..SAY 5 LAC...QUARTERLY>>>>WITHOUT CHARGING GST
GST OFFICER SAYS....YOU HAVE TO PAY.....GST ON DISCOUNT.....OR...YOU HAVE TO PROPOTIONATELY ....ITC TO REVERSED.....
WHAT IS WORKING FORMULA.......TO PAY GST ON.....NON-GST FINANCIAL TRANSACTIONS OF RS.20 LAC FOR FULL YEAR....FY-2020-21
AS WE MAKE PURCHASES.....& ACHIEVED TAGET OF PURCHASES
PARTY HAS ISUUED......DISCOUNT A/C...CREDIT NOTE ..SAY 5 LAC...QUARTERLY>>>>WITHOUT CHARGING GST
GST OFFICER SAYS....YOU HAVE TO PAY.....GST ON DISCOUNT.....OR...YOU HAVE TO PROPOTIONATELY ....ITC TO REVERSED.....
WHAT IS WORKING FORMULA.......TO PAY GST ON.....NON-GST FINANCIAL TRANSACTIONS OF RS.20 LAC FOR FULL YEAR....FY-2020-21
CA R SEETHARAMAN
(Expert)
22 October 2024
No ITC reversal required as seller issued credit note without GST.
It's commercial discount GST not applicable. GST official view not acceptable.
See the link for more clarification.
https://taxguru.in/goods-and-service-tax/sales-promotion-schemes-discounts-gst-clarification.html
It's commercial discount GST not applicable. GST official view not acceptable.
See the link for more clarification.
https://taxguru.in/goods-and-service-tax/sales-promotion-schemes-discounts-gst-clarification.html
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST input credit on commercial property
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- Intimation under section 245
- Gift to nri relatives residing in usa
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
