GST reversal of on ITEMS recd from Suppliers like gold or car

[rajat solanki]

the Manufacturer gives an scheme document with terms and condition on email that upon completing certain purchases volume they would receive gold coin, cars, or trips as per Sec 15(3)(b)(ii) agreement must be present for reversing output and circular 92 says the same and 251 also that if agreement not present then no ITC to be reversed if present

First would this scheme document would be treated as agreement and if yes is ITC reversal on purchases to achieve this scheme required to be reversed proportionately

What are ingredients to treat this scheme document as an agreement

AI Summary

Agreement for promotional schemes may trigger input tax credit reversal when supplier issues credit notes reducing taxable value.
A supplier's promotional scheme may constitute an agreement if it is in force at the time of purchase, and the presence of such an agreement affects whether input tax credit must be reversed. Where taxable value is reduced by a supplier's credit note, purchasers must reverse ITC if the statutory conditions for adjusting tax and passing on tax incidence are not met; conversely, one view in the discussion is that ITC reversal solely for scheme implementation is not required.