Discount on invoice
This query is : Resolved
16 February 2018
Dear Sir,
We are biscuit manufacturer . We to survive in a market give free . For example , 1 Cartoon Biscuit free with every 15 cartoon.Rate of 1 cartoon is Rs.100/-.
Currently we are billing in below manner:-
(15*100+1*0)=1500 taxable Value , Gst 1500*18%=270 , Total bill value =1770(1500+270)
Note that presently we are reversing ITC in respect of free sale.
We Wish to bill in below manner :-
15*100=1500
01*100= 100
(-)Discount=-100
Taxable Val=1500
GST@18%= 270
Bill Value = 1770
We are biscuit manufacturer . We to survive in a market give free . For example , 1 Cartoon Biscuit free with every 15 cartoon.Rate of 1 cartoon is Rs.100/-.
Currently we are billing in below manner:-
(15*100+1*0)=1500 taxable Value , Gst 1500*18%=270 , Total bill value =1770(1500+270)
Note that presently we are reversing ITC in respect of free sale.
We Wish to bill in below manner :-
15*100=1500
01*100= 100
(-)Discount=-100
Taxable Val=1500
GST@18%= 270
Bill Value = 1770
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
