Goods and Services Tax – Started By: – Chhatra Jain – Dated:- 24-9-2017 Last Replied Date:- 25-9-2017 – There is no agreement between supplier ABC Ltd. & recipient for cash discount but as and when funds are required direly by ABC LTD it allows cash discount and issues credit note for the cash discount plus GST. Is GST required to be reversed for this occasional cash discount . Allowing cash discount is not a regular phenomenon. Also what will be the position in case of Turnover discount allowed six monthly.by ABC Ltd. In this case ABC Ltd should issue credit note for the discount amount plus GST. – Reply By Himansu Sekhar – The Reply = If you will not reverse the credit, his lowering of value through credit notes is not allowed. Sec.
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