Question ID :
32775
Incorrect assessment of Value of supply
Yearly discount is received based on the yearly purchase achievements by the dealer. GST credit note is not raised by supplier and hence the value of supply as per sec 15 cannot be applied. Dealer claimed input tax credit based on the invoice received and value as per the invoice which is wrong as sec 15 cannot be applied. What recourse dealer have?
Posted by
Sai Ram
on
Aug 18, 2018
Filed Under
GST
Answer ID :
71934
The credit note need not be issued for the GST only the discount amount. The ITC would be fully available. The value of the invoice and transaction value can be different.
Ex 10 L + 18% sale by dealer. eligible for 1 l discount. Supplier issues credit note for 1 lakhs with NO gGST. If not credit note issues=d then consideraiton is not paid.
Posted by
Madhukar N Hiregange on
Aug 25, 2018