DISCOUNT UNDER GST
Sir,If Discounts Were Not Known Or Agreed At Time Of Supply Of Goods-Whether Creditnote Include Gst Or Not?Answer the question
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Discounts given after supply will be allowed only if-
- It is mentioned in the agreement entered into before sale AND
- input tax credit proportionate to the discount has been reversed by the recipient of the supply AND
- 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.
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