Goods and Services Tax – Started By: – CA.LALIT MUNOYAT – Dated:- 28-5-2018 Last Replied Date:- 30-5-2018 – Can a supplier issue a Credit Not to its recipient for GST collected in excess, on downward revision of the price after the supply was made. The original invoice to which the CN is mapped shows GST collected on the Full value calculated at the original rate. This will reduce the output liability of the Supplier. IS such a CN equal to to the Refund as envisaged in the ACT. – Reply By YAGAY and SUN – The Reply = In our view if your customer reverse the ITC then you will be able to get the refund otherwise not. – Reply By Nitika Aggarwal – The Reply = Dear sir, As per Section 34 of CGST Act, 2017 Credit note shall be issued only in the
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ly By YAGAY and SUN – The Reply = Thanks Sanjay Sir. – Reply By CA.LALIT MUNOYAT – The Reply = The issue has different connotations under different circumstances. However the rule that has been determined by the SC is being consistently followed by the lower authorities. The decision depends upon whether the discount given was known at the time of Sale or not. The following judgment clears the situation: 2018 (2) TMI 1105 – CESTAT MUMBAI MAHANAGAR GAS LTD. VERSUS COMMISSIONER OF CENTRAL EXCISE, MUMBAI Refund claim – trade discount – price variation clause – Held that: – the trade discount was not known to prior to the clearance and thus at the time of clearance, the assessable value can only be ascertained on the basis of trade discount whi
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icy, circulated among the dealers their deduction from the assessable value would have to be allowed in view the Apex Courts judgment in the Apex Court in the case of Union of India Vs. M/s. Madras Rubber Factory [ 1986 (12) TMI 35 – SUPREME COURT OF INDIA ] (supra) even if the same were quantified, subsequently, subject to the conditions that the same had actually been passed on to the buyers. If the discounts, in question, are deductible from the assessable value, the respondent would be eligible for refund subject to the provisions of Section 11b of the Central Excise Act, 1944 i.e. and being not hit by the principle of unjust enrichment. March 28, 2011 – Reply By CA.LALIT MUNOYAT – The Reply = However even if the refund is determined as
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