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REFUND ON ACCOUNT OF YEAR END OR VOLUME BASED INCENTIVES PROVIDED BY THE SUPPLIER THROUGH C REDIT NOTES

Para 2 (I) - Draft-Bills-Reports - Business Processes for GST on Refund Process - Goods and Services Tax - Para 2 (I) - 2(I) : It is noted that suppliers are allowing year end or volume based discounts through credit notes. Such practice is being mis .....

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practice and will have to be permitted in the GST regime. The following procedure is recommended: i) The refund would be granted on submission of a simple application along with a Chartered Accountant s Certificate certifying the fact of non-passing .....

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the buyer s end and the output liability at the supplier s end will get simultaneously reduced/adjusted on the basis of credit notes issued by the supplier and the corresponding debit notes issued by the buyers. iii) This would also obviate the need .....

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