Under clause (b) of section 15(3) discount after supply.
first *condition discount term specified in agreement and
second *conditions recipient reversed the credit (ITC) on discount.
my question is what about supplier, can supplier get the refunds of tax paid on discount? because supplier not received the full amount. And supply was already completed and he pay the tax on it.
also we can say that NO ITC NO TAX and vice versa.
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Discount on supply section 15(3)
Replies (4)
Input tax credit as is attributable to the discount on the basis of document issued by the supplier has been reversed by the recipient of the supply.
It means if the supplier has issued the CNT by reducing his GST liability , the buyer has to reduce his ITC
It means if the supplier has issued the CNT by reducing his GST liability , the buyer has to reduce his ITC
Ok but supply already made and as per time of supply is the issue of invoice section (12) so liability was arise at the time of supply, then discount is given to recipient.
please check out.
please check out.
@ vijay
IF DISCOUNT IS ISSUED AFTER SUPPLY:
The gst will attract only when if agreement done before supply for such discount & such credit for discount can be link to relevant invocice
Reduce itc means,all other itc less note value table 4a 5
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