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GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN

Goods and Services Tax - GST - By: - Pradeep Jain - Dated:- 13-1-2017 - As the GST law has been revised, it is pertinent to note down what all issues still remain un-tackled or untouched. Also certain provisions are there which are yet again drafted .....

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of discounts. The sections reads as follows: (3) The value of the supply shall not include any discount that is given: (a) before or at the time of the supply provided such discount has been duly recorded in the invoice issued in respect of such sup .....

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en reversed by the recipient of the supply as is attributable to the discount on the basis of document issued by the supplier. The wording of the sections seems a little bit difficult to understand and it should be simplified. Providing too many cond .....

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nt, this section clearly provides that no discount shall be allowed unless the same is given either before or at the time of supply. Now, how a discount before the supply of goods or services? Secondly, if a price is negotiated between supplier and b .....

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ded in the invoice issued for such supply. Hence, every price negotiated should mention the standard price and then discount given to buyer. Otherwise, it will always be liable to be challenged by the department. Secondly, the discounts are given on .....

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w, what is meaning of recorded in the invoice. Earlier, it was given in old GST law that it should be mentioned in invoice. The meaning of the same was taken that we should mention all the terms and conditions on invoice itself. But now meaning of wo .....

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nts cannot be deducted beforehand. Such type of discounts were allowed under Central Excise law on notional basis. Such type of discounts will fall under second category. Hence, you have pay GST firstly and then claim discounts afterwards. However th .....

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