GST DAILY – 301
Discount received from supplier can’t be construed as service provided to supplier: HC
Tag: Discount
Levy on discounts is double taxation for liquor dealers
Commercial taxpayers who settled long-pending tax litigation now find themselves burdened by a new problem as the state commercial taxes department has decided to impose tax on discounts and incentives given to liquor dealers.
No Reversal of ITC on financial credit note in relation to post sale discount
The AAR, Andhra Pradesh, in the matter of Vedmutha Electricals India Pvt. Ltd. ruled that assessee is eligible to take full credit of GST charged in invoice issued by the supplier even though later commercial/financial credit note has been issued.
Credit Note without charging GST
Extract of the Section: Sec.34(1) of CGST Act provides for Credit and debit notes. The extract of said section is given below- “Where one or more tax invoices have been issued for supply of any goods or services or both…
Credit Note can be issued without charging GST
Extract of provision: Sec.34(1) of CGST Act, “Where one or more tax invoices have been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable…