TMI BlogGST on Discount Received from Cement ManufacturerX X X X Extracts X X X X X X X X Extracts X X X X ..... Proprietorship business concern has been registered under GST Act and business of wholesales cement purchasing from cement manufacture. This proprietorship business concern received large amount disco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt from manufacture without effecting any GST is correct or wrong? If wrong who is liable for GST invoice of discount and payment of Tax? - Reply By KASTURI SETHI - The Reply = Reply cannot be give ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in the form of 'YES or 'NO'. It appears that you have got post-supply discount. Such discount can be excluded from the taxable value, if the following conditions are satisfied:- (a) D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iscount must be prior known to the buyer in the form of a pre-supply agreement to be executed between the supplier and the buyer/receiver. (b) Such discount should be correlatable with the relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... invoices. (c) ITC attributable to such discount is reversed by the buyer/recipient. . If you do not fulfill the above conditions, practice adopted is wrong. The supplier has to first ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rectify the procedure, if above mentioned conditions are not met with. - GST on Discount Received from Cement Manufacturer - Query Started By: - chandan bera Dated:- 27-3-2019 Goods and Services T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax - GST - Got 1 Reply - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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