Credit note

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..... Credit note
Query (Issue) Started By: - AKHIL MITTAL Dated:- 30-4-2018 Last Reply Date:- 2-5-2018 Goods and Services Tax - GST
Got 5 Replies
GST
ARP wants to give quantities discount to its dealers by issuing credit note, Can he do so with out affecting GST/ without reversing GST. If yes, will the income of other party attract GST Reply By KASTURI SETHI: The Reply: Yes, quantity dis .....

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..... count can be given by issuing credit note. It is covered under Section 15(3) of CGST ACT, 2017. It is subject to the fulfillment of conditions laid down therein. It should be prior (or at the time of supply) known to the buyer. Also go through Flyer No.15 dated 1.1.18 issued by the Board. Invoice, agreement regarding discount plus books of accounts are supporting evidence and must be correlated. .....

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..... Reversal of ITC on the value of discount is required. Reply By YAGAY ANDSUN: The Reply: Pre announced discount policy is required to substantiate such discounts etc. under GST regime otherwise tax benefit would not be available. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: I endorse the views of Yagay and Sun Reply By AKHIL MITTAL: The Reply: THANKS FOR THE REPLY. THE DISCOUNT POLICY WAS D .....

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..... ECIDED AT THE TIME OF SALE, BUT WE ARE MANUFACTURER OF FOOTWEAR & DON'T WANT TO REVERSE THE GST AS THE REFUND UNDER INVERTED DUTY STRUCTURE HAS ALREADY BEEN CLAIMED. CAN WE ISSUE CREDIT NOTES WITHOUT REVERSING GST PLEASE REPLY SPECIFICALLY. Reply By YAGAY and SUN: The Reply: Yes you can, but only if your customer do not revert the ITC.
Discussion Forum - Knowledge Sharing .....

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