CASH DISCOUNT\/TRADE DISCOUNT, CREDIT NOTE \/ DEBIT NOTE
Query (Issue) Started By: – SAFETAB LIFESCIENCE Dated:- 16-12-2017 Last Reply Date:- 12-10-2018 Goods and Services Tax – GST
Got 6 Replies
GST
Dear Team,
\nWhat is the major difference from Cash Discount and Trade Discount. We are giving discount to our customers for making payment prior to agreed due date \/ credit periods. Discount is not worked on the basis of any percentage on the basic selling price. It is based on the number of days of payment made prior to the due dates. Whether we have to charge GST on the Discount amount. Whether we have to give Credit Note or we can get Debit Note from party or any one of the both can be used.
\nWhether, the issuance of Credit Note w<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n en trade and cash discounts. Rather, GST segregates the discounts allowed into two categories: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n value of the taxable supply. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" CASH DISCOUNT\/TRADE DISCOUNT, CREDIT NOTE \/ DEBIT NOTE Query (Issue) Started By: – SAFETAB LIFESCIENCE Dated:- 16-12-2017 Last Reply Date:- 12-10-2018 Goods and Services Tax – GSTGot 6 RepliesGSTDear Team, What is the major difference from Cash Discount and Trade Discount. We are giving discount to our customers for making payment prior to agreed due … Continue reading “CASH DISCOUNT\/TRADE DISCOUNT, CREDIT NOTE \/ DEBIT 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-9461","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/9461","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=9461"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/9461\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n * those given before or at the time of supply
\n * those given after the time of supply
\n * If a discount has been allowed before or at the time of supply, and it has been mentioned in the invoice separately, it will not be added in the value of supply.
\n *
\n * If discount is allowed after the supply, it may or may not be added in the value of the supply, depending on the following factors:
\n * whether the discount can be linked directly to the relevant invoice of supply,
\n * whether the discount has been allowed as per the terms already agreed upon before or at the time of supply, or
\n * whether the input tax credit related to the amount of the<\/p>\n
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\nRegards
\nReply By ANITA BHADRA:
\nThe Reply:
\nFurther to my response ,
\nIn case of discount where value shall stand reduced , a credit note can be issued by supplier not later that September 2018 or date of filing of return whichever is earlier ( Sec 34 (2) of CGST Act )
\nCredit note should have details ie . Taxable value ,Rate of tax and amount of tax credited .Clients ( Recipient ) can not issue debit note.
\nReply By YAGAY AND SUN:
\nThe Reply:
\nDiscounts, other than of mentioned on the Invoices, must be announced prior to giving it after the sales.
\nReply By subramanian vijayakumar:
\nThe Reply:
\nI endorse Badra Ji views
\nReply By ROHIT GOEL:
\nThe Reply:
\nIn continuation to the discussion an example may be taken F<\/p>\n
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