Quick Summary
The 56th meeting of the GST Council was held in New Delhi under the chairpersonship of the Union Finance Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council inter-alia made the recommendations relating to changes in GST tax rates, provide relief to individuals, common man, aspiratio
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FAQ :
The GST Council has recommended omitting the requirement for post-sale discounts to be established in an agreement before or at the time of supply and linked to relevant invoices.
Post-sale discounts will now be provided through credit notes issued under Section 34 of the CGST Act.
Recipients will need to reverse their input tax credit if the value of supply is reduced via a GST credit note for a post-sale discount.
Yes, circular No. 212/6/2024-GST dated 26th June 2024, which provided a mechanism for ensuring compliance with Section 15(3)(b)(ii) of the CGST Act, has been rescinded.
Sections 15(3)(b) and 34 of the CGST Act, 2017 have been amended.
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