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Regarding Discount
If discount given post sale is Gst effected ?? If so how to report it in GSTR 1
Replies (6)
No... GST not applicable.
As per my knowledge it will be applicable for which they have raise Debit or CreditNote.
Reduction of Liability by supplier and corresponding reduction of ITC by recipient on receipt of discount only to be done if an agreement to that effect existed at the time of original sales. Otherwise no effect on GST.
If the agreement to provide the discount (whether in oral or written exists ) before or at the time of the sale then the discount can be adjusted in the invoice or afterwards through debit or credit note. Other wise discounts will not form part of GST asset or liability.
Can you please explain if such discount is not related to a specific invoice how to report such thing in GSTR 1
@ Mr Manisha.,
Don't be confuse. The discount can't applicable Gst. So, No need it's in GSTR 1 return.
Don't be confuse. The discount can't applicable Gst. So, No need it's in GSTR 1 return.
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