ITC REVERSE ON DISCOUNT RECEIVED

No GST on cash discounts. No ITC reversal etc.

No, GST not applicable.
So, You don't want pay GST for the discount receipts.

Gst is applicable, if conditions fulfilled by the buyer in timely.
Discount allowed under gst before taxable value, then any discount allowed only restrictions or any valid conditions. So,the supplier issue credit note for claim input tax on that goods invoice.the buyer shown it incentive amount in the income side of profits loss account.