Sir,
What is position on Credit notes issued subsequently at month end, for Addl Discount / Scheme Discount or for Target Achievement under GST. Credit Notes with tax implication and without Tax Implications?
In Vat scenario certain States (Kerala)were taxing such discount based on specific provisions incorporated in the VAT Act.
Thank you
section 15 [3]
The value of the supply shall not include any discount which is given--
[a] before or at the time of the supply if such discount has been duly recorded in the invoice issued in respect of such supply; and
[b] after the supply has been effected, if-
[i] such discount is established in terms of an agreement entered into at or before the time of such supply and specifically linked to relevant invoices; and
[ii] input tax credit as is attributable to the discount on the basis of document issued by the supplier has been reversed by the recipient of the supply.
CAclubindia
