DISCOUNTS Credit Notes
Query (Issue) Started By: – BALAKRRISHNA PATNAIK Dated:- 19-11-2018 Last Reply Date:- 21-11-2018 Goods and Services Tax – GST
Got 6 Replies
GST
My co. operating Super distributor set up, where in My Co. Invoices to the Super distributors also we some time ask to supply to selected supply in discounted rate. The price difference being claimed to us by super distributors.
My question is while settling of the price difference claim as a Mfg co. can we take GST on such price difference ?
please respond.
Thanks
Balakrrishna Patnaik
Reply By Ganeshan Kalyani:
The Reply:
Yes, you can take GST benefit on the discount amount given by you. The condition is the buyer has to reverse the input tax credit claimed
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w the GST impact on this transaction.
Thanks & Best regards,
Balakrishna Patnaik
Reply By DR.MARIAPPAN GOVINDARAJAN:
The Reply:
If there is an agreement between the parties regarding to discount then such discount may be given. No time limit is in law for this. Earlier is advisable.
Reply By Ganeshan Kalyani:
The Reply:
Restriction on taking input tax credit on purchase invoice /debit note is given in section 16. However, the word credit note is not mentioned in it. Hence, I am also of the view that discount can be given in the timlines as mentioned in your query.
Reply By Ganeshan Kalyani:
The Reply:
In view of section 34 which states as under :
(2) Any registered person who issues 2[one or more credit notes for supplies made in a
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