Fareed (Accountant) (90 Points)
17 November 2021Dear Expert,
X Pvt Ltd purchasing raw materiel from Z Pvt Ltd.
Z Pvt Ltd company offer If X Pvt Ltd company made payment on 30 days will discount 1% on value of goods.
that discounted portion Availed ITC will reverse in GST return?
Please clarify
Thanks & Regards
Fareed
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 18 November 2021
Yes if the at the time of sale it was already decided for such discount then ITC needs to be reversed by recipient since the supplier wqill reduce his supplies along with GST liability
CAclubindia
