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
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
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