CREDIT NOTE ISSUED WITHOUT GST

Others 324 views 1 replies

Sir,

I have a querry about Credit note issued without gst.

I have received credit note (post sale discount) against purchase from supplier "KSB Ltd." without charging GST on it.

In my books of accounts such credit note is entered as discount income without reversal of ITC. 

I have paid to KSB Ltd. net amount after deducting discount amount.

now, whether i have to reverse ITC on credit note or not. please help me with ruling and oblige.

 

Replies (1)
No prior agreement for discount before supply then such discount shall not deducted from valuation but finance credit or commercial credit note can issue oly principal to principles basis without adjust gst tax liability then being recipient need not be required reverse
ruling read Tamil advance ruling regarding post discount


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