FAQ – 19

What are the transactions i need to show in the Point F of Part II of FORM GSTR – 9C, “Trade Discounts accounted for in the audited Annual Financial Statement but are not permissible under GST” ?

There could be some business cases where the discount being offered is not know at the time of supply or the discount could not be established to particular invoices or input tax credit is not reversed on the trade discount offered or it is not mentioned on the tax invoice. In all the above cases, the trade discount will be part of the financial statements but not part of the GST Returns.

GST Tip – 276

As per Notification No. 11/2017-Central Tax (Rate),  for services related to Services furnished by business, employers and professional organizations Services, Services furnished by trade unions & Services furnished by other membership organizations falling under HSN/SAC 9995 the Central Tax Rate is 9%