GST Course

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Ajnas (Student)     21 November 2020

GST related query

Mr. X purchase goods on credit Rs. 360000(taxable value Rs. 300000 +Rs.60000 GST) from Mr. Y , later mr. Y issued financial credit note to Mr. X Rs. 300000 after issuing that remaing Rs. 60000 GST portion is balance in the of Mr. Y as sundry debtor, it is allowed by the Mr. Y as cash discount( Rs. 60000), is any problem while giving the cash discount by Mr. Y to Mr.X? Suppose Rs. 60000(GST portion) is returned to Mr. X is any problem?
In the books of Mr. X this cash discount received (Rs. 60000) is ITC reversal is required? Suppose Rs. 60000 is received from Mr.Y is any problem itc reversel is required (because gst paid is received back through financial credit note on supplier mistake)? 180 rule applicability in this situation?

 2 Replies


MAHARAJA SELVA ESWAR   21 November 2020

Itc availed during the purchase must be rever6
Shivam RC

Shivam RC (Student)     21 November 2020

Was their any agreement with regard to Cash Discount ???

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