My co. operating Super distributor set up, where in My Co. Invoices to the Super distributors also we some time ask to supply to selected supply in discounted rate. The price difference being claimed to us by super distributors.
My question is while settling of the price difference claim as a Mfg co. can we take GST on such price difference ?
please respond.
Thanks
Balakrrishna Patnaik
GST on Discounts: Claim Possible if Buyer Reverses Input Tax Credit; No Legal Time Limit for Credit Notes Issuance. A company operating as a super distributor inquires about the applicability of GST on price differences when goods are sold at discounted rates. A response indicates that GST can be claimed on discounts if the buyer reverses the input tax credit for the credit note amount. Further discussion clarifies that there is no legal time limit for issuing credit notes for discounts, but it is advisable to do so earlier. However, discounts given after September of the following financial year may not allow GST credit unless the credit note excludes GST impact. (AI Summary)
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