Reversal of Shortage and Discount received
This query is : Resolved
18 July 2020
1.Cash discount is received by way of credit note but GST is not there in Credit note...still we are supposed to reverse the input on Cash Discount received??
2.Credit note for Shortage received on Purchase made by us. But GST is not there in Credit note...still we are supposed to reverse the input on Shortage??
2.Credit note for Shortage received on Purchase made by us. But GST is not there in Credit note...still we are supposed to reverse the input on Shortage??
18 July 2020
1 and 2 no need for GST reversal as GST is not there in credit note.
18 July 2020
1. ITC reversal not to be done but there can be litigation exposure as you are not paying the full consideration.
2. Since the quantity received is less, you have to reverse the ITC in respect of shortage.
2. Since the quantity received is less, you have to reverse the ITC in respect of shortage.
20 July 2020
R Seetharaman Sir can you please share the provision under which the counter party is not reflecting GST portion in Credit Note? I want to know why they are doing so?
20 July 2020
See the link.
https://www.google.com/amp/s/taxguru.in/goods-and-service-tax/credit-note-discount-gst-impact-itc-recipient-goods-services.html%3famp
https://www.google.com/amp/s/taxguru.in/goods-and-service-tax/credit-note-discount-gst-impact-itc-recipient-goods-services.html%3famp
20 July 2020
please explain in short
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