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?
Menu
GST related query
Replies (2)
Itc availed during the purchase must be rever6
Was their any agreement with regard to Cash Discount ???
Recent Threads
- Exports against INR PO payable by Domestic Company
- Which websites are best for government exam prepar
- TDS on maturity payment of LIC of india
- ITR2 Gold ETF short and long term
- Query under faceless assessment
- Purchase of business
- Refund of ITC for advance paid to overseas supplie
- Clubbing query (when gifts given to multiple fami
- Transfer Pricing Audit Upload Form 3CEB - Income T
- Only a Few Pages Indexed by Google Despite Sitemap
Related Threads
CAclubindia
