Sir, Â In case of discount with respect to sec15(3)b the discounts which are directly linked with the price to be received by supplier based on the agreement or presentment of credit note in order to reverse the ITC in future should we include those deduction now or in future on the presentment of commercial invoice or fulfillment of agreement terms? For eg whether case I or case II Case I 150000- deductions allowed is 10000 as per sec 15(3)bÂ 150000-10000 140000 OrÂ Case II 150000- month 1Â 150000-10000- month2 140000 In end
Discount- Before/at the time of supply- It can be adjusted in respective invoice. Post supply-It will be adjusted in later month returns based on credit agreements between them. Say-supply was made in June but payment in july then it will be issued in Aug return like case 2 in your example. But Last date for issue credit note â?? September month return or Furnishing of Annual Return, whichever is earlier.
Ma'am I didn't understand the last date part please can you be brief
Credit note should not be later than -following Financial year September return or Furnishing of Annual Return, whichever is earlier. For FY-2019-2020-September Return -20th Oct 2020 or Date of Annual Return(filed),whichever is earlier.