sir, I have received 10 lak
discount who show profit loss indirect income I want reverse charges on discount then I am eligible avail itc on reverse chrages
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Reverse charges on discount
Replies (18)
Quick Summary
Your query is not cleared...
Can You elaborate with details of discount and it's related supplies...?
Can You elaborate with details of discount and it's related supplies...?
I had received 10lac discount against target achieved which is showed in indirect income
whether we have to reverse the Gst on that 10lac or not. plz suggest
whether we have to reverse the Gst on that 10lac or not. plz suggest
No need...
If we reverse the Gst shall we claim the Gst or not
@ ARVIND,
Your query is not clear. However, I understand that you have received 10 lacs discount( from someone)and shown as indirect income. Now you are saying you want to pay the tax under reverse charge. Since, you mentioned this amount as discount , reverse charge is not applicable to this.
I also understand that you want to know whether ITC can be availed on payment of tax under reverse charge. The answer is yes, but subject to the time limit specified under section 16(4).
@ ARVIND,
Still your query is not to the point, you may contact me on whatsapp 6380 592 749
If we reverse the Gst shall we claim the Gst or not
What You mean this..?
As per Your query "No need to reverse the ITC".
What You mean this..?
As per Your query "No need to reverse the ITC".
Sir I want perfect details of reverse charges
As per the query :
Received Discount : GST need to be reversed if fulfills condition prescribed in Section 15(3) of CGST Act .
RCM : No RCM is applicable on discount .
Note : if your supplier has not given GST less CNT , then you can book the same under Income head with reducing the ITC
Received Discount : GST need to be reversed if fulfills condition prescribed in Section 15(3) of CGST Act .
RCM : No RCM is applicable on discount .
Note : if your supplier has not given GST less CNT , then you can book the same under Income head with reducing the ITC
No reveral of ITC is required on receipt of target discount. You may refer the AAAR in the case of MRF LTD.
Visit my blog below . explained in case by case approach for discounts.
sanjithkotni.blogspot.com
sanjithkotni.blogspot.com
Mr Sanjith Kotni.,
This platform not for advertisement purposes. Don't advertise Your business in CCI website. If You will support through CCI then post in particular articles head or post advertisement platform... Stop Your such posts...
Hello sir .In most of my replies,I posted the answer and only for more details i refer to visit blog.
By the way I know about this platform.
I have my right to text without hurting others and I am not doing anything for business
By the way I know about this platform.
I have my right to text without hurting others and I am not doing anything for business
Hello Dear...
CCI is one of the popular platform for taxation. Then why You insert Your BLOCK in the website...
If You want beneficial then advertise it's specifically. Don't be put in queries...
CCI is one of the popular platform for taxation. Then why You insert Your BLOCK in the website...
If You want beneficial then advertise it's specifically. Don't be put in queries...
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