GST on discount received
This query is : Resolved
14 November 2020
As a part of sales promotion, our seller is allowing the discount of 5% on the previous month's invoices and they filed the credit note in the GSTR 1 of this month. We have the following doubts in this regard.
1. Whether we have to issue a debit note for the discount received?
2. Whether we have to include the values of Debit Notes in HSN wise summary report in GSTR 1?
3. If we are showing discounts received on the credit side of the Profit and Loss account, then whether we have to pay any GST on the same?
4. In which head in GSTR 3B we have to include the value of the debit notes?
1. Whether we have to issue a debit note for the discount received?
2. Whether we have to include the values of Debit Notes in HSN wise summary report in GSTR 1?
3. If we are showing discounts received on the credit side of the Profit and Loss account, then whether we have to pay any GST on the same?
4. In which head in GSTR 3B we have to include the value of the debit notes?
16 November 2020
no debit note is required if the seller has issued debit note
you have deduct debit note gst from ITC
16 November 2020
if the seller has issued credit note*
16 November 2020
1. No, you dont need to issue debit note.
2. No.
3. No
4. You have to book the credit note. If the credit note is having GST component then you have to reduce your GST credit in GSTR3B ( under credit reversed row) with the amount of GST shown in the credit note.
2. No.
3. No
4. You have to book the credit note. If the credit note is having GST component then you have to reduce your GST credit in GSTR3B ( under credit reversed row) with the amount of GST shown in the credit note.
16 November 2020
@Lehraj sood Sir and @CA Sourabh Sir, As per Sec 34 of Act, we have to issue a debit note for the discount received.
16 November 2020
IN GST ,debit and credit note can be issued only by the supplier.
16 November 2020
@Lekraj sir, As per my knowledge registered person who receives a discount should have to issue a debit note u/s 34.
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
