Menu
discount under gst
if i am buyer of goods and buy goods of rs 100+ gst @ 18% . now i am in financial crisis ,so cant pay 100% amount to supplier ,so i pay 80 % value ,so my question is do i need to reverse 20 % itc
Replies (4)
no as per section 15 of cgst act discount allow on or before suppy
yes, as per section 15(3), of cgst act, if discount was not known before or at the time of supply, then when any discount given by the supplier
recipient is required to reduce the discount amount however supplier can't reduce its put liability
recipient is required to reduce the discount amount however supplier can't reduce its put liability
then it leads to double taxation! am i right sir ?
If supplier has issued credit note for Rs. 20 + GST - then ITC to the extent of 20% also to be reduced. If it is just a financial credit note with out GST, then ITC not required to be reduced.
Note: Assuming balance 20% will never be paid to supplier..
Recent Topics :
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
- GIFT REGARDING
- TDS on salary to non resident managing director
- Ewaybill and Transport documents (Lorry receipt)
- LTCG on sale of Builder Buyer Agreement
- Rule 13(2)(h) and valuation of CCDs
- Leave encashment, New labour code, Management cadr
- GST clarification needed:
- TDS processed with short deduction default
Related Topics :
CAclubindia
