Regarding payment of free issue material
This query is : Resolved
Querist : Anonymous
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??
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??
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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