Goods and Service TaxArticle·3 October 2026
GSTAT says Financial Credit Note Can Preserve Recipient's ITC
By J the App
Executive Summary
Maltown Electricals had withheld part of the purchase price due to defects in machinery and subsequently received a commercial credit note from the supplier. GSTAT held that the discount did not reduce the original taxable value or tax charged, allowing the recipient to retain the ITC, while sustaining interest for the intervening period.
Domain | GST | IDT
The Position
A financial/commercia...
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