Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Sec 15(3) of cgst act

Smart King (24 Points)

31 December 2019

as per sc 15(3)

" value of Supply shall not include any discount "

can anybody explain these words to me..

Reply
Follow
Share

2 Replies

SUSMITA BISWAS (18 Points)
Replied 31 December 2019

Basically Discount Included in Invoice can be allowed to deduct.
Other thing is you can also allowed to deduct your discount for calculating supply after getting invoice, If it is agreed before.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 13 July 2020

Discount allowed before or at the time of supply, and it has been mentioned in the invoice separately, it will not be added in the value of supply. The input tax credit (ITC) related to the amount of the discount allowed has been reversed by the recipient of the supply.