Prashant Balkrishna Thanekar (Accounts Manager) (181 Points)
23 March 2018Dear all,
We have received special discount on purchases from the supplier through credit note for the period of july 17 to feb 18 . He has not shown GST Separately in his credit note & given discount on basic price.
My question is it necessary to pay GST to us on special discount received
VINEETH.R
(FINANCIAL ACCOUNTANT)
(458 Points)
Replied 23 March 2018
I think you need to reverse the itc amount according with that special discount amount.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 23 March 2018
Prashant Balkrishna Thanekar
(Accounts Manager)
(181 Points)
Replied 24 March 2018
I also thinking the same but was not sure
Thank you for your valuable answer
VINEETH.R
(FINANCIAL ACCOUNTANT)
(458 Points)
Replied 26 March 2018
| Originally posted by : RAJA P M | ||
 |
No... It's not a supply related Credit. It's based on revenue account. No need atract GST. So, Only they will give the Basic values of the Sales. |  |
How can we treat like that...? If there is some discount is allowing the value of supply would get decrease, so that it will definitely effect the ITC claimed by the party. I think they need to reverse that excessive ITC... Kindly let me know about this case... 
Mukesh Bajaj
(Chartered Accountants)
(22 Points)
Replied 05 April 2018
CAclubindia
