Retrospective Validation of Draft Assessment Orders

The Finance Bill amendments to sections 15 and 34 of the CGST Act mark a significant refinement of the GST valuation framework governing post-sale discounts. By removing the rigid requirement of a pre-existing agreement and instead anchoring valuation adjustments to the credit note mechanism and corresponding input tax credit reversal, the law shifts decisively towards a substance-based, credit-neutral approach. These changes seek to align statutory valuation rules with commercial realities, reduce avoidable disputes, and reinforce the foundational principle of tax symmetry under GST