Eye Share - Confusing the Confused: The Tale of Tax Implications on Discounts

The tax treatment pertaining to discounts given/received on supplies has always been a perplexed/contentious one since time immemorial. Author Suruchi Agrawal (Partner, Vimal & Seksaria, Chartered Accountants), highlights how the issue has regularly been under the scanner of Central Excise Duty, Value Added Tax, Service Tax, etc. Stating that CBIC vide its various Circulars has attempted to tackle the GST implications on discount, the author remarks that �...