Discount received amount Rs.10 lakhs is entered in profit and loss account statement.

RCM (Reverse Charge Mechanism) is applicable on discounts received only if the following conditions are met: 1. The discount is related to a supply of goods or services. 2. The supplier is a registered person under GST. 3. The recipient is required to pay tax on the reverse charge basis. If the discount received is merely an reduction in the price of goods or services and not a supply in itself, RCM is not applicable. In your case, since the discount received amount (Rs. 10 lakhs) is entered in the profit and loss account statement, it appears to be a reduction in the cost of goods or services and not a supply. Therefore, RCM is not payable on the discount  circumstances may vary.