INCENTIVE RECEIVED FROM INDIAN OIL CORPORATION

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135 Points Posted on 27 January 2020
Dear sir/madam

INCENTIVE RECEIVED FROM IOC DIRECTLY TO BANK ACCOUNT without impact of GST .

HOW TO DISCLOSE IN GSTR-9 & HOW TO RECONCILE TURNOVER AS AUDITED FINANCIAL STATEMENTS AND GSTR TURNOVER..

THANKS IN ADVANCE
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On 27 January 2020 at 14:53 Report
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Quick Summary
This discussion addresses how to correctly disclose incentives received directly from Indian Oil Corporation (IOC) into a bank account, particularly when these incentives are not subject to GST. It covers the process for reporting these amounts in GSTR-9 and reconciling the turnover figures between audited financial statements and GST returns. The consensus suggests treating such incentives as discounts, especially since GST does not apply to petrol sales.

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1184 Points Posted on 27 January 2020
Incentive received for which service?
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On 27 January 2020 at 15:57
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135 Points Posted on 27 January 2020
My client running PETROL bunk sir
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On 27 January 2020 at 16:20
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1184 Points Posted on 27 January 2020
If incentive is under agreement with supplier that it will be given on a amount of sale etc. it shall be treated as discount.
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On 27 January 2020 at 16:29
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Studwnt
1141 Points Posted on 28 January 2020
On petrol gst doesn't apply
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On 28 January 2020 at 00:34
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GST Practitioner
55067 Points Posted on 28 January 2020
Yes it's Exempted , can report in table 5 of GSTR 9
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On 28 January 2020 at 01:24
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135 Points Posted on 28 January 2020
Thank you sir
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On 28 January 2020 at 08:34

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