https://www.taxtmi.com/article/detailed?id=8444 Post facto discounts are excluded from the transaction value and thus reduce Input Tax Credit only if the discount is established in an agreement entered into at or before supply, specifically linked to the relevant invoice(s), and the ITC attributable to the discount is reversed by the recipient on supplier documentation; discounts that are contingent, discretionary, or not invoice-linked do not reduce the value of supply. The proviso tying ITC entitlement to payment within the prescribed period means that commercial credit notes alone may not preserve ITC if they do not effect payment of the value of supply as defined for valuation purposes. en-us Wed, 03 Apr 2019 05:46:43 +0530 Wed, 03 Apr 2019 05:46:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8444 Post facto discounts are excluded from the transaction value and thus reduce Input Tax Credit only if the discount is established in an agreement entered into at or before supply, specifically linked to the relevant invoice(s), and the ITC attributable to the discount is reversed by the recipient on supplier documentation; discounts that are contingent, discretionary, or not invoice-linked do not reduce the value of supply. The proviso tying ITC entitlement to payment within the prescribed period means that commercial credit notes alone may not preserve ITC if they do not effect payment of the value of supply as defined for valuation purposes. Articles Goods and Services Tax - GST Wed, 03 Apr 2019 05:46:43 +0530 https://www.taxtmi.com/article/detailed?id=8444