Many of our clients who deal in Cement, fertilizers and Pesticides receive cash and trade discounts from the supplier company in the form of Credit Notes charging GST.
My query is whether we should deduct the discount amount from the purchase and should show net ITC in GSTR-3B or add discount amount in outward supplies and should show in table no. 3 of GSTR-3B as we are showing in the credit side of the Profit and Loss A/c as other income in audited financial statements.
Reverse the corresponding ITC in column 4(B)(2), ITC Reversed-Others, of GSTR-3B.
CAclubindia
