IMPACT OF GST ON DISCOUNTS ALLOWED AFTER BILLS ISSUED
Query (Issue) Started By: – ROHIT GOEL Dated:- 13-10-2017 Last Reply Date:- 1-11-2017 Goods and Services Tax – GST
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GST
IN A CASE GOODS ARE PURCHASED FOR RS. 100 AND GST OF RS. 12 PAID TO SELLER. SUBSEQUENT TO THIS SELLER ISSUES AN ADDITIONAL DISCOUNT OF RS. 5/- AGAINST GOODS OF RS. 100/- BUT THE AMOUNT IS NOT REVERSED THROUGH DEBIT / CREDIT NOTES. SELLER SAYS THAT HE WILL NOT ISSUE ANY CREDIT NOTE AND THERE IS NO REQUIREMENT FOR US TO ISSUE DEBIT NOTE IMPLYING THAT GST OF RS. 12/- IS PAID TO GOVERNMENT TAKING TRANSACTION VALUE OF RS. 100/- INPLACE OF NET VALUE OF RS. 95/-.
IN SUCH A SCENARIO IF I DEBIT RS 100/- AS PURCHASE AND REDUCE DISCOUNT OF RS. 5/- FROM P
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