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100% Discount on Invoice
Lets Say u are billing for rs. 100/- + gst 18℅ comes to 118 less discount 100% (on taxable value) net value of bill come to 18/- which u have to deposit as gst payable ( valuation rule as per section 15 cgst Act)
or
you can show the discount of Rs.118/- (bill vale comes to Nil) & has to reverse ITC on its purchase ( As per section 17(5) cant give free)
Note. In anyway u have depo. GST
Yes. If you do not charge the GST on sale then you will have to reverse the GST which was used while purchase of the goods.
hope you got the point ..its better to have deposit gst with giving 100% discount than reverse the input tax
hope you got the point ..its better to have deposit gst with giving 100% discount than reverse the input tax
But, where it has been written in GST Act or Rule when you do not charge gst then you should reverse ITC.
I supied a water purification plant to my customer. It was invoiced and was included in GSTR1 for that month. However , while commissioning the plant, it was found that 50 litres more of ion exchange resin must be added again to get the desired result. I cannot invoice this to the recipient as it is my scope to get the result, for the quoted price.and material supplied. How I can handle this supply. Should I pay GST against this
rather than giving it free and creating ambiguity, why not sell the product/ service for a promotional offer of Rs. 1 and then pay the GST on it also.
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