Government unveils GST rules excluding post sale discounts Nov 1
Big update for businesses: Starting November 1, the government is rolling out new GST rules.
Announced by the Finance Ministry, these changes let companies use credit notes to leave out certain post-sale discounts from their taxable value.
The move mainly tweaks how GST works for things like refunds and discounts.
GST changes ease compliance, speed registration
The goal is to make paperwork and compliance less of a headache, especially for sectors like FMCG and pharma.
Now, if a buyer reverses their input tax credit (ITC), businesses can adjust their taxes more easily.
There's also good news for exporters: the omission of Rule 96(10) applies retrospectively from 23 October 2017 and could provide relief in pending cases, though it does not automatically make every past refund claim admissible, and payments made through special rupee accounts finally count under GST rules.
Plus, getting registered under GST should be faster now, with applications involving successful Aadhaar authentication processed within seven working days, while cases requiring physical verification must be processed within 30 days after verification.