Treament of GST in case of issue of credit note
By: – LALIT MUNOYAT
Goods and Services Tax – GST
Dated:- 19-5-2018<\/p>\n
Treatment of GST for Credit Note for Discount given post supply
\nSec 15 (3) provides that he value of the supply shall not include any post sales discount except
\n * such discount is established in terms of an agreement entered into at or before the time of such supply and specifically linked to relevant invoices; and
\n\tinput tax credit as is attributable to the discount on the basis of document issued by the supplier has been reversed by the recipient of the supply.
\nAs per sec 34. (1) -Credit & Debit Notes : A supplier may issue to the recipient a credit note for a post sales discount subject to the condition <\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n emed that the incidence of tax has been passed on to the ultimate consumer. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Treament of GST in case of issue of credit noteBy: – LALIT MUNOYATGoods and Services Tax – GSTDated:- 19-5-2018 Treatment of GST for Credit Note for Discount given post supply Sec 15 (3) provides that he value of the supply shall not include any post sales discount except * such discount is established in terms … Continue reading “Treament of GST in case of issue of credit note”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-11845","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11845"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11845\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\n\tHowever there is no such presumption while reducing the liability to GST due to issue of credit note. The only requirement is that the input tax credit as is attributable to the discount on the basis of document issued by the supplier has been reversed by the recipient of the supply.
\nQuestion
\nAt the time of assessment how would the supplier prove that the input tax credit as is attributable to the discount on the basis of document issued by the supplier has been reversed by the recipient of the supply. There is no way for the supplier to verify it from the recipient.
\nIn such a case what will be the consequence if the supplier takes anyone of the following meau<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n