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When Discounts Arrive Late: A Practical Guide to Post-Sale Discounts & Credit Notes Under GST
Volume rebates, scheme discounts, year-end incentives, rate protection, price-drop support - in real life, most big-ticket business happens after the basic invoice is raised. Commercial teams liberally promise "extra 2% at year-end", but the tax team is then left asking: Can we reduce GST already paid on the original invoice? Does the dealer have to reverse ITC - and how do we prove it? Is this just a discount...... Read More
Treatment of Discounts Under GST
To boost sales & to survive in the competitive environment and to attract new customers the companies usually provides the various types of discount schemes to their customers. Like trade discounts, quantity discounts, year end discounts etc. Some of the discounts are given at the time of supply or some of the discounts are given after the supply i.e., post sales discounts. In this article, we are going to discuss the impact of discount ..... Read More