Credit Note

[Raja Sekhar]

I am the dealer of Mobiles, I am received credit Notes incentive,price drop and other schme from supplier without gst, can I reversal of input tax credit ?,

AI Summary

Debate on Reversing Input Tax Credit for Incentives and Price Drops: Insights from Section 34 of CGST Act A dealer of mobile phones inquired about the possibility of reversing input tax credit upon receiving credit notes for incentives, price drops, and other schemes from a supplier without GST. One respondent suggested that reversal is possible only if the output supplier aims to reduce liabilities, advising reference to Section 34 of the CGST Act. Another respondent agreed with this interpretation, while a fourth stated that reversal is not required. The discussion reflects differing opinions on the necessity of reversing input tax credit in such circumstances.