Understand the implications of GST rate changes on outward supplies, input tax credit, and tax liability. Learn how to handle billing, credit notes, and ...

The government's new GST circular clarifies the treatment of trade discounts and credit notes but increases compliance and ...

The circular also stated that post-sale discounts given by manufacturers to dealers would not be treated as consideration for services ...

GST circular 251 clarifies input tax credit rules, but distributors face cash flow issues due to excess ITC balances.

New GST rates took effect on September 22, 2025, necessitating software updates for registered taxpayers. A step-by-step ...

No ITC reversal required for financial credit notes. Explains when discounts are 'consideration' or payment for ...

GST circular clarifies trade discounts and credit notes, benefiting manufacturers, but FMCG distributors face blocked ITC and ...

When dealers receive such post-sale discounts, they may engage in promotional activities to boost sales. However, these activities ultimately enhance the sale of goods that the dealers themselves own, ...

The Goods and Services Tax (GST) rates, revised by the GST Council, became effective on September 22, 2025, necessitating immediate updates to accounting software for GST-registered businesses.