📢 GST Update! 🚨 The Central Board of Indirect Taxes and Customs #CBIC has focused on post-sale discounts. Suppliers providing these discounts through GST credit notes will need to ensure that their 𝗰𝗹𝗶𝗲𝗻𝘁𝘀 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 an undertaking or a 𝗖𝗔 𝗰𝗲𝗿𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗲.

This document must confirm that the Input Tax Credit (ITC) availed on the discount value has been reversed. 🔄 This move comes in light of the absence of a mechanism to track whether ITC on such discounts has been reversed or not. 🕵️‍♂️

With the current amendment, these documents, bearing a unique ID number, will serve as proof for audits and ensure the consistent application of GST rules on post-sale discounts. 📜✅ Stay tuned for more updates and ensure your business is GST-compliant! 💼👍