Question ID : 40621

CREDIT NOTES

Mr. A is dealer in electronic goods.He receives credit notes towards certain discounts from his supplier which are predetermined at the time of supply and GST is charges on them. Mr. A has accordingly reversed the input credit towards the credit notes reversed. There are also amounts credited to his account by the supplier towards incentives for achieving higher turnover and no GST is charged on the credit notes. Is Mr. A liable to pay GST on the credit notes? Are the receipts exempt in the hands of Mr. A under GST?

posted by SANTOSH JAGANNATH PAI on Apr 3 2020 12:00AM