Is Discount Taxable Under Gst Discounts that are given before or at the time of sale can be deducted from transaction value at the time of sale no GST will be levied on the same However such
GST liability of the supplier would be reduced if both supplier and receiver of the goods or services are aware of the discount before supply i e GST would not be Relevant statutory provision for value of taxable supply in case of a discount Section 15 3 of the CGST Act 2017 similar provision exits in SGST UTGST Act 2017
Is Discount Taxable Under Gst
Is Discount Taxable Under Gst
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There will be no differentiation in GST between trade and cash discounts In fact GST segregates the discounts allowed into two categories Those given before Learn how to charge and account for GST when you provide discounts and rebates such as prompt payment discounts and volume rebates
GST laws treat trade discounts equally to cash discounts Cash discounts are recorded in books while trade discounts are not Trade discounts are typically used for wholesale GST treats all the discounts such as trade discounts cash discounts volume turnover discounts etc Instead the treatment varies with the timing of discount
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Discounts under GST regime Section 15of the CGST Act 2017 The value of the supply shall not include any discount which is given a Before or at the time of Discounts given after supply will be allowed only if certain conditions are satisfied Please read part II of this article which deals with discounts and impact of
Discounts provided after the supply can also be excluded while determining the taxable value provided two conditions are met namely discount is established in terms of a pre Discounts offered by suppliers to customers including staggered discount under Buy more save more scheme and post supply volume discounts established
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Discounts that are given before or at the time of sale can be deducted from transaction value at the time of sale no GST will be levied on the same However such
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GST liability of the supplier would be reduced if both supplier and receiver of the goods or services are aware of the discount before supply i e GST would not be
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Is Discount Taxable Under Gst - Learn how to charge and account for GST when you provide discounts and rebates such as prompt payment discounts and volume rebates
