Additional discount

It is discount Received from Supplier and should be credited in profit and loss account.
Trade discount should be deducted from gross turnover for arriving net turnover under GST

Discounts given before or at the time of sale. Discounts that are given before or at the time of sale can be deducted from transaction value at the time of sale; no GST will be levied on the same. However, such discounts shall be mentioned on the tax invoice.

1) Such discounts are termed as cash discounts and credited to P&L account [Dr Supplier/Tax & Cr Discount A/c] 2) If such discounts were agreed before/at the time of supply, then C/N (including tax) to be raised by the supplier and ITC to be reversed by the buyer 3) On the contrary, if such discounts were not agreed before/at the time of supply, financial c/n to be issued by the supplier and the buyer is not required to reverse the ITC.

Supplier Issue a Tax Invoice
Gross value - 6072/-
Payment discount (mention in Invoice)- 303.60/-
Value before tax- 5768.40
CGST-519.15/-
SGST-519.15/-
Total Invoice amount- 6806.70/-

what is cost of Goods purchased? if
I) payment is made within 15 days discount allowed
ii) If Payment in not made then company issue fresh CN for late payment with gst

I) Since discount is already mentioned on the invoice, net value (after discount) ₹5768 is the cost of goods purchased. ii) If payment is not made within the allowed time, then supplier can issue a revised/supplement invoice for the difference including tax. In this case, additional cost as per revised/supplement invoice will also form part of cost of goods purchased. Note: C/N is issued by the supplier in respect of sales return etc.