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GST on Scheme Discount
Is GST applicable of Scheme discount received at the end of the year through credit note from suppliers?????
Replies (6)
yes if it is agreed in the agreement that scheme discount will be provided, then the person who received the credit note should reverse ITC and the suppler can reduce Outward taxable to the extent of credit note issued
Wheather gst is charged on credit note?
No
Then you have to reverse as per section 16
If discount received by composition dealer then what to do
if it's year end discount recieved by way of financial credit note, then no need to reverse ITC, as supplier will not reduce his output tax liability to the extent of financial credit note
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