Dear Sir, Can a Company issue Credit Note / Debit Note without GST ?? If yes, in which circumstances ??
2) Discount Received on Bulk Purchases, Turnover Discount, Rate Difference discounts etc must be shown on Credit side of P&L A/c as Discount Received OR ELSE we SHOULD DEDUCT THESE DISCOUNTS FROM PURCHASES EVEN if these are not mentioned in Invoice and is given to us by way of Credit Note ??
Deptt. has already got its full GST. It should rather be happy in regard to issuance of credit note without discount. Further one CBIC Circular also approves of issue of commercial credit note without GST, if conditions of Sec 15(3) are not fulfilled.
It has further been clarified that in such ITC is also not required to be reversed by recipient.
Team Clearmytax.in
Can be issued. There can be many cases like providing secondary discount later which was not agreed upon earlier, as this cannot be reduced from valuation as per Sec 15(3), the supplier can issue commercial credit note without GST.
This is accounting question, no bearing on GST. You need to refer the Accounting Standards here.
Further in regard to treatment of discounts in valuation you can refer to Article titled” Understanding treatment of discount in GST Law”
Team Clearmytax.in
Dear Sir, In regard to above query, Pls clarify that —
If a Company issues EACH & EVERY Credit Note TO ALL THE CUSTOMERS without GST , and presents argument to any OFFICER of the Deptt, who says that Credit Note should be issued WITH GST ONLY , THAT — ALL DISCOUNTS WHICH IS MENTIONED ON THE TAX INVOICE IS AGREED BETWEEN BUYER & SELLER , BEFORE PLACING ORDER BY THE BUYER.
AND DISCOUNTS which WE ( i.e. COMPANY) GIVE TO ITS CUSTOMERS BY WAY OF CREDIT NOTE , ARE THE DISCOUNT GIVEN BY COMPANY TO CUSTOMERS, POST-SALE OF GOODS TO THE CUSTOMERS.
Now, PLS CLARIFY THAT WHETHER SUCH ARGUMENT BY THE COMPANY TO Officer will be correct ?? AND ALSO the Treatment of Discount by the company is correct or not ?? Thanks..
Dear Sir, In regard to above query, Pls clarify that —
If a Company issues EACH & EVERY Credit Note TO ALL THE CUSTOMERS without GST , and presents argument to any OFFICER of the Deptt, who says that Credit Note should be issued WITH GST ONLY , THAT — ALL DISCOUNTS WHICH IS MENTIONED ON THE TAX INVOICE IS AGREED BETWEEN BUYER & SELLER , BEFORE PLACING ORDER BY THE BUYER.
AND DISCOUNTS which WE ( i.e. COMPANY) GIVE TO OUR CUSTOMERS BY WAY OF CREDIT NOTE , ARE THE DISCOUNT GIVEN BY COMPANY TO CUSTOMERS, POST SALE OF GOODS.
Now , PLS CLARIFY WHETHER SUCH ARGUMENT GIVEN TO THE OFFICER WILL BE CORRECT ?? And whether treatment of Discount by company is correct ??
Dear Sir, In regard to above query, Pls clarify that —
If a Company issues EACH & EVERY Credit Note TO ALL THE CUSTOMERS without GST , and presents argument to any OFFICER of the Deptt, who says that Credit Note should be issued WITH GST ONLY , THAT — ALL DISCOUNTS WHICH IS MENTIONED ON THE TAX INVOICE IS AGREED BETWEEN BUYER & SELLER , BEFORE PLACING ORDER BY THE BUYER.
AND DISCOUNTS which WE ( i.e. COMPANY) GIVE TO OUR CUSTOMERS BY WAY OF CREDIT NOTE , ARE THE DISCOUNT GIVEN BY COMPANY TO CUSTOMERS, POST SALE OF GOODS.
Now , PLS CLARIFY WHETHER SUCH ARGUMENT GIVEN TO THE OFFICER WILL BE CORRECT ?? And whether treatment of Discount by company is correct ??