Discount adjustment

Siddu Reddy (Accountant) (69 Points)

12 November 2015  

ours is pvt ltd co. we have sold some instruments to a govt party with CST @ 5% after Comm Tax Dept changed tax rate from 4% to 5%  but the order from the party is for CST4% before amendment of Tax Rates and now the party is not paying the difference of  1% Tax - please suggest how to write off this 1% difference amount.

The same case with  discount as we are supposed to give 10% Discount which is not given by us . and party will not the discount as it was written agreement that we will give 10% discount

How to write off these amounts in the books of accounts.

Siddu Reddy