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Gst applicable or not?
We have received incentive of Rs. 49 lacs in FY 17-18 from supplier for achieving sale targets, for incentive supplier has issued credit notes. Please suggest, whether we are liable to pay GST on the incentive received
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This is a very complicated case. A lot depends on the contract entered between parties that whether the amount received is in the nature of incentives or discount. A lot also depends between the communications between parties from time to time and their documentations. This will be a matter of severe litigation in time to come.
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