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TMI BlogTREATMENT OF DISCOUNT IN GSTR3BX X X X Extracts X X X X X X X X Extracts X X X X ..... 1. If the seller gives me Credit Note with GSt on account of incentive then it will reduce my ITC. Henceforth, the Incentive shown in my books as Indirect Income will not form part of turnover as per GST Law?? 2. If the seller gives me Financial Credit Note without GST being charged as an incentive then will it lead to increase in my tax liability thus forming part of my turnover?? - Reply By KU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NAL DESAI - The Reply = Dear Naman, Your question does not seems to be clear. Please elaborate with an example to get the right views. - Reply By PAWAN KUMAR - The Reply = In https://www.taxmanagementindia.com/visitor/detail_forms.asp?ID=1204 r. Even impact of ITC in GSTR-3B in case of credit note with gst amount. - Reply By KASTURI SETHI - The Reply = I support the views of Sh.Pawan Kuma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Ji. - Reply By NAMAN DOKANIA - The Reply = Pawan Kumar Kasturi Sethi Sir That means, in case of financial credit note issued in respect of Incentive even though appearing in my indirect income i.e credit side of PL A/c wont be taxable under GST?? - Reply By PAWAN KUMAR - The Reply = In gst both the credit notes with gst or without gst can be issued. But in both the cases issuance of cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it note is cast upon supplier. It will be impacted in the p l of supplier not in the p l of recipient. Recipient has to make provision in purchases as per my view. - Reply By Ganeshan Kalyani - The Reply = The credit note is linked with the main supply. The main supply in you case, as a buyer, is purchase. So the credit note will reduce your purchases by the basic amount in credit note. The GS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T in credit note will reduce your ITC. If credit note is without GST then ITC will not be impacted. One may also treat the credit note given for incentive as a separate transaction and account it in the credit side of the P L as an income. This is not a supply in any way. Secondly, the impact of credit note in the turnover is on seller part. Credit note corresponds to outward supply which is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hing but turnover. So, as a buyer the credit note has no role in either increasing or decreasing your turnover/sales. - Reply By KASTURI SETHI - The Reply = Dear Sh.Ganeshan Kalyani Ji, Your reply is comprehensive and crystal clear. The querist will not have even an iota of doubt now. - Reply By CSSANJAY MALHOTRA - The Reply = I fully endorse the views ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Sh. Ganeshan ji. - Reply By Ganeshan Kalyani - The Reply = Thanks Sri Kasturi Sir and Sri Sanjay Sir. - Reply By janakiram kota - The Reply = Does the sitiuation changes if it were to be discounts? Then what about the reversal of input tax credit - TREATMENT OF DISCOUNT IN GSTR3B - Query Started By: - NAMAN DOKANIA Dated:- 27-4-2020 Goods and Services Tax - GST - Got 10 Replies - GST - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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