TaxTMI 
TaxTMI 
GST on Discount Received from Cement Manufacturer
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....ST on Discount Received from Cement Manufacturer<br> Query (Issue) Started By: - chandan bera Dated:- 27-3-2019 Last Reply Date:- 27-3-2019 Goods and Services Tax - GST<br>Got 1 Reply<br>GST<br>Propri....
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....etorship business concern has been registered under GST Act and business of wholesales cement purchasing from cement manufacture. This proprietorship business concern received large amount discount fr....
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....om manufacture without effecting any GST is correct or wrong? If wrong who is liable for GST invoice of discount and payment of Tax? Reply By KASTURI SETHI: The Reply: Reply cannot be given in the f....
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....orm of 'YES" or 'NO'. It appears that you have got post-supply discount. Such discount can be excluded from the taxable value, if the following conditions are satisfied:- (a) Discou....
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....nt must be prior known to the buyer in the form of a pre-supply agreement to be executed between the supplier and the buyer/receiver. (b) Such discount should be correlatable with the relevant invoic....
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....es. (c) ITC attributable to such discount is reversed by the buyer/recipient. . If you do not fulfill the above conditions, practice adopted is wrong. The supplier has to first rectify the procedur....
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....e, if above mentioned conditions are not met with.<br> Discussion Forum - Knowledge Sharing ....