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All QuestionsCategory: GST CompliancesDISCOUNT UNDER GST
Profile photo of NILESH ZALANILESH ZALA asked 4 months ago

DISCOUNT UNDER GST

Sir,If Discounts Were Not Known Or Agreed At Time Of Supply Of Goods-Whether Creditnote Include  Gst Or Not?

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7 Answers
Profile photo of Pratyush AgrawalPratyush Agrawal answered 4 months ago

Greetings from FINTAX Consultancy !
Sir,
Discounts given after supply will be allowed only if-

  1. It is mentioned in the agreement entered into before sale AND
  2. input tax credit proportionate to the discount has been reversed by the recipient of the supply AND
  3. It can be clearly tracked to relevant tax invoice.

Therefore, in case it was not know or agreed at the time of supply then GST cannot be claimed as deduction from transaction value.
 
In case of any clarification, you can get in touch with us at given below details :-
Email :- fintaxconsultancy18@gmail.com
Mobile :- +91-9560326763/7045633323

Profile photo of Consultease AdministratorConsultease Administrator answered 2 months ago

No, Reversal of output tax liability will not be available.

Profile photo of Consultease AdministratorConsultease Administrator answered 2 months ago

No, Reversal of output tax liability will not be available.

Profile photo of Consultease AdministratorConsultease Administrator answered 2 months ago

No, Reversal of output tax liability will not be available.

Profile photo of Consultease AdministratorConsultease Administrator answered 2 months ago

No, Reversal of output tax liability will not be available.