Ajnas (Student) 25 November 2020
Mr. Y sell the goods to Mr. X on credit Rs.300000+18% GST, Mr. X is already taken input on such purchase, later mr. Y issued commercial credit note(cash discount) to Mr. X for full amount including GST (Rs.354000), in this case receipent is required to reverse the itc? Supplier is required to pay the output tax if the credit note beneifit is taken in GST return?
Financial credit note issued for only taxable value or invoice value( including GST)? Please reply