TaxTMI 
TaxTMI 
TRADE DISCOUNT
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....RADE DISCOUNT<br> Query (Issue) Started By: - Mahesh Dhanaboina Dated:- 11-9-2018 Last Reply Date:- 12-9-2018 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>Dear Professionals, We are givin....
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....g discount to our customers on attainment of Target Sales with us on Aggregate Basis.We are issuing credit notes charging GST towards such discount. But, Our customers are telling as per their Auditor....
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....'s advice that gst will not applicable on such discount as it is not related to a single invoice. In the similar manner, we are also receiving credit notes without charging gst from our supplier....
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....s on Target Discount. We would like to know whether gst is applicable on such discount. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: If there is an agreement as to trade discount between the sell....
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....ers and buyers GST is not applicable. In such cases the same is to be indicated in the invoice. Reply By Yash Jain: The Reply: Sir, The contention of customers auditor is against intention of gst ....
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....law. The law does not allow dual benefit of discount and full ITC. ITC is also to be reversed in proportion of discount. Act has been amended wef from 29.08.2018. Now single CN can be issued against....
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.... multiple invoices. Issue single CN for invoices on FIFO basis. Your practice is absolutely right.<br> Discussion Forum - Knowledge Sharing ....