Treatment of ‘Discounts’ in Annual Return and GST Audit

1.  Discount is a popularly used term under the GST law by various entities for the reduction in value of their outward supplies. These discounts are classified under various heads by these entities based on the timing and terms of this discount. Some of these discounts are agreed at the time of supply while as the others may be provided by means of an after-thought. In fact, some of the busi…