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Reversal of ITC
Dear experts pls tell me that ITC should be reverse or not on credit note of cash discount, incentive and turnover discount received.
Replies (2)
As per Section 15 CGST Act
1. Discount which is mention on bill can reduce from transaction value
2. If an agreement has done between the supplier & Recepient in this case also the supplier is entitled to reduce his value of supply
1. Discount which is mention on bill can reduce from transaction value
2. If an agreement has done between the supplier & Recepient in this case also the supplier is entitled to reduce his value of supply
Thanks ! it means if there is no agreement then no need to reverse gst on such type credit notes
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