https://www.taxtmi.com/highlights?id=78892 The Circular addresses the mechanism for verifying compliance with Section 15(3)(b)(ii) of the CGST Act, 2017 by suppliers offering discounts through tax credit notes post-supply. It clarifies that such discounts can be excluded from taxable value if conditions are met, including the recipient's reversal of input tax credit. As no portal functionality exists for verification, suppliers may obtain a certificate from recipients, issued by a Chartered Accountant or Cost Accountant, confirming the reversal. For discounts under Rs 5,00,000, an undertaking from the recipient suffices. These certificates/undertakings serve as evidence for compliance and must be produced when required by tax authorities. Trade notices should disseminate this Circular's content for awareness. en-us Thu, 27 Jun 2024 18:41:18 +0530 Thu, 27 Jun 2024 18:41:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78892 The Circular addresses the mechanism for verifying compliance with Section 15(3)(b)(ii) of the CGST Act, 2017 by suppliers offering discounts through tax credit notes post-supply. It clarifies that such discounts can be excluded from taxable value if conditions are met, including the recipient's reversal of input tax credit. As no portal functionality exists for verification, suppliers may obtain a certificate from recipients, issued by a Chartered Accountant or Cost Accountant, confirming the reversal. For discounts under Rs 5,00,000, an undertaking from the recipient suffices. These certificates/undertakings serve as evidence for compliance and must be produced when required by tax authorities. Trade notices should disseminate this Circular's content for awareness. Highlights GST Thu, 27 Jun 2024 18:41:18 +0530 https://www.taxtmi.com/highlights?id=78892