Authority

One liner

2023(05)LCX0034(AAR)

AAR-ANDHRA PRADESH

Vedmutha Electricals India Private Limited

Full ITC would be available in respect of GST charged in Tax invoice issued by supplier, even though the commercial/ financial credit note is issued later and there is no need to reverse the ITC in respect of the same,

Topic

Publish Date

Essential Updates: Post-Supply Discounts & ITC Reversal

Section 15(3) of the CGST Act 2017 specifies how discounts impact the value of supply under GST which is summarized as follows. Under the GST regime, 'discounts' are excluded from the value of supply as per Section 15(3) of the CGST Act 2017, wherein Section 15(3)(b) specifically covers discounts provided 'after the supply has been effected' i.e. post-sale discounts, subject to fulfilment of the following conditions:............. Read More