Home Forum Goods and Services Tax - GST Month 4 2019 2019 (4) This
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GST on Discount - Goods and Services Tax - GSTExtract Dear Experts We are receiving discount from our principle supplier following manner 1. Cash discount At the time of supply of goods with following points a. While making payment with in three days from the date of Invoice, our supplier giving discount 0.25% b. Discount applicable on total invoice value c. Payment will be settled after adjustment of discount for the same invoice d. GST worked out entire value without considering reduction of cash discount e. Rate of cash discount has been mentioned on the invoice itself. 2. Post supply discount received from supplier with following points a. After purchase of goods from Supplier, we are getting discount based on Performance/volume/Special Price approval/Target Incentive b. It is no were recorded in the invoice c. Credit note will be issued in our favour without considering GST d. This discount amount will be adjusted in another supply invoice We are availing full GST credit based on the supply Invoice without considering of the above two type of discount received from our principle supplier. Kindly clarify whether we required any ITC reversal to the extend of discount received.
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