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TMI BlogCREDIT NOTE IN GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... Is GST Leivable on Financial Credit Note recevied from supplier due to the fact, that it relates to the following:- 1. Early Payment. 2. Turnover Discount 3. Selling the purchased goods at a discount to retailer. 4. Other Incentive - Reply By KASTURI SETHI - The Reply = Serial No1 and 2 fall under the category of post-sales discount. The assessee will have to conform to the conditio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns laid down under Section 15(3)(b) of CGST Act and serial no.3 4 fall under promotional schemes. These are incentives and taxable. - Reply By Amit Agrawal - The Reply = Wherever any of these financial credit-notes are in nature of post-sale discount ( which includes Early Payment Turnover Discount ), conditions laid down under Section 15(3)(b) of CGST Act will comes into play as ri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ghtly observed by Ld. Shri Kasturi Sethi Ji. However, even if they in nature of post-sale discount confirming the conditions laid down under Section 15(3)(b)(i) of CGST Act, issuance of credit-note with GST u/s 34 (1) is optional at end of the supplier. Moreover, gst cannot be levied upon buyer for any 'post-sale discounts' received from supplier, irrespective of whether the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nditions laid down under Section 15(3)(b) are fulfilled or not. In my humble view, without going through entire agreement and arrangement between OEM / supplier and distributor / buyer about these promotional scheme/s, it is not possible to answer this query with regards to Point no. 3 (i.e. Selling the purchased goods at a discount to retailer) 4 (i.e. Other Incentive). These points (No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 3 4) are constant areas of dispute between assessee and Department where 'mutuality of business interest' between supplier / OEM and buyer / distributor is bone of contention. These are strictly personal views of mine and the same should not be construed as professional advice / suggestion. I respect contrary views . - CREDIT NOTE IN GST - Query Started By: - NAMAN DOKANIA Dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed:- 27-8-2022 Goods and Services Tax - GST - Got 2 Replies - GST - 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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