GST Implications on Cash Discount
This query is : Resolved
25 March 2022
Dear Sir,
We have raised some invoices to few Parties on one condition that on receiving the Invoice & Material, they will make the payment after deduction of Cash Discount. But this Condition was not disclosed in the invoices raised to the above parties. Now, I want to know for Balancing the Ledger of such parties i need to raise Credit Note but What will be the GST Implications on such Credit Notes.
We have raised some invoices to few Parties on one condition that on receiving the Invoice & Material, they will make the payment after deduction of Cash Discount. But this Condition was not disclosed in the invoices raised to the above parties. Now, I want to know for Balancing the Ledger of such parties i need to raise Credit Note but What will be the GST Implications on such Credit Notes.
25 March 2022
It's cash discount no GST impact.
25 March 2022
Yes GST cannot be reversed against cash discount.
You have to issue Financial Credit Note and not GST credit note.
You have to issue Financial Credit Note and not GST credit note.
26 March 2022
Sir/Mam,
Whether we can show Discount in Sales (reducing the Sales) or
we will have to show discount allowed as indirect expense.
Whether we can show Discount in Sales (reducing the Sales) or
we will have to show discount allowed as indirect expense.
26 March 2022
Sir/Mam,
Whether we can show Discount in Sales (reducing the Sales) or
we will have to show discount allowed as indirect expense.
Whether we can show Discount in Sales (reducing the Sales) or
we will have to show discount allowed as indirect expense.
26 March 2022
This being cash discount show it as indirect expenses.
28 March 2022
Sir, then it need to be shown in GST return as we have raised credit notes or not and if not then how to reconcile sales figure on GST portal and books
28 March 2022
It's financial credit note without GST need not be shown in GST return. So no reconciliation problem.
29 March 2022
You will not decrease your GST liability through credit notes for cash discounts. Therefore such credit notes will not get reflected in your GST returns
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- Confusion around Form 26QB fields
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
