TaxTMI 
TaxTMI 
IMPACT OF GST ON DISCOUNTS ALLOWED AFTER BILLS ISSUED
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....MPACT OF GST ON DISCOUNTS ALLOWED AFTER BILLS ISSUED<br> Query (Issue) Started By: - ROHIT GOEL Dated:- 13-10-2017 Last Reply Date:- 1-11-2017 Goods and Services Tax - GST<br>Got 7 Replies<br>GST<br>IN A CASE GOODS ARE PURCHASED FOR RS. 100 AND GST OF RS. 12 PAID TO SELLER. SUBSEQUENT TO THIS SELLER ISSUES AN ADDITIONAL DISCOUNT OF RS. 5/- AGAINST GOODS OF RS. 100/- BUT THE AMOUNT IS NOT REVERSED ....
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....THROUGH DEBIT / CREDIT NOTES. SELLER SAYS THAT HE WILL NOT ISSUE ANY CREDIT NOTE AND THERE IS NO REQUIREMENT FOR US TO ISSUE DEBIT NOTE IMPLYING THAT GST OF RS. 12/- IS PAID TO GOVERNMENT TAKING TRANSACTION VALUE OF RS. 100/- INPLACE OF NET VALUE OF RS. 95/-. IN SUCH A SCENARIO IF I DEBIT RS 100/- AS PURCHASE AND REDUCE DISCOUNT OF RS. 5/- FROM PURCHASES MAKING IT NET AT RS. 95/-. CAN I WILL BE E....
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....LIGIBLE FOR GST INPUT OF RS. 12/- OR IT WILL BE 12% OF RS. 95/- . Reply By RAJA SWAMINATHAN: The Reply: The given situation suggets that the grant of discount was not known at the time of finalisation of contract hence the same cannot be considered to arrive at the transactionvalue for GST. Reply By KASTURI SETHI: The Reply: Dear Querist,. Read Section 15 (3) of CGST Act, 2017 for admissibilit....
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....y of discount. If you fulfill these condition discount is allowed. Reply By Rajagopalan Ranganathan: The Reply: Sir, If the supplier claims refund of excess gst paid then you have to debit the excess credit taken by you. If the supplier is reducing the price only then you take the full credit of ₹ 12/- being the gst already paid. Reply By Himansu Sekhar: The Reply: I support the view o....
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....f the experts Reply By Ganeshan Kalyani: The Reply: If the supplier is not providing you the credit note then the tax benefit which he was eligible is not claimed by him i.e. when he sold goods he paid tax and on giving you discount he could have issued you debit note with tax and reduced his liability. Now that he has not done so, you are eligible to tax credit of full tax. Reply By rameshsri ....
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....srinivas: The Reply: I agree with the views of the experts Reply By raj kumar shukla: The Reply: How the additional discount has been passed if not through credit note.<br> Discussion Forum - Knowledge Sharing ....