Reversal of Shortage and Discount received
This query is : Resolved
18 July 2020
1.Cash discount is received by way of credit note but GST is not there in Credit note...still we are supposed to reverse the input on Cash Discount received??
2.Credit note for Shortage received on Purchase made by us. But GST is not there in Credit note...still we are supposed to reverse the input on Shortage??
2.Credit note for Shortage received on Purchase made by us. But GST is not there in Credit note...still we are supposed to reverse the input on Shortage??
18 July 2020
1 and 2 no need for GST reversal as GST is not there in credit note.
18 July 2020
1. ITC reversal not to be done but there can be litigation exposure as you are not paying the full consideration.
2. Since the quantity received is less, you have to reverse the ITC in respect of shortage.
2. Since the quantity received is less, you have to reverse the ITC in respect of shortage.
20 July 2020
R Seetharaman Sir can you please share the provision under which the counter party is not reflecting GST portion in Credit Note? I want to know why they are doing so?
20 July 2020
See the link.
https://www.google.com/amp/s/taxguru.in/goods-and-service-tax/credit-note-discount-gst-impact-itc-recipient-goods-services.html%3famp
https://www.google.com/amp/s/taxguru.in/goods-and-service-tax/credit-note-discount-gst-impact-itc-recipient-goods-services.html%3famp
20 July 2020
please explain in short
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?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Disallowance of Section 43B(h) to sez units
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- 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
