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Regarding payment of free issue material

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 January 2018 Our customer sent bearings as a free issue material with Invoice its value is 50,000+ IGST 8,000= 58,000/-
And we have fitted the bearing and sale our equipment @5,50,000 + IGST 99,000= 6,49,000/-
Now, how much payment we will claim to the customer??
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CA Suresh Jain

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CA Suresh Jain (Expert)
30 January 2018 The free supply has to be accounted for by you as credit to Customer and debit to Purchase (free supply) and GST. Tax invoice to be issued for your contracted price plus Rs. 50,000/- i.e. 6,00,000 and GST to be charged Rs. 1,08,000.00 totalling to Rs. 7,08,000.00 out of which you have already allowed a credit of Rs. 58,000 to the customer so net receivable amount will be Rs. 6,50,000.00
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