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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 in such a way that they would attract litigation. Here we are discussing two such provisions: Seeing the valuation provisions as prescribed in section 15, the sub-section 3 of section 15 lays down the conditions to be adhered in relation to exclusion .....

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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 conditions for exclusion of discounts would only prove to be difficult to follow and fulfill. This would give wide discretion to the officers and hence more litigation in times to come especially for FMCG and the like sectors. For the pre-shipment discou .....

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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 various counts viz. volume, area, payment terms, scale of business likely to come from buyer in future, policy adopted by competitor etc. These are business consideration and let the business decide them and we should not come in between the same. No .....

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