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credit note

21 November 2017

company issue us credit note

against discount given to
customer. company has paid gst on same
how to deal same in gst and
balance sheet

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9 Replies

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 22 November 2017

As per my view.,

The discount is not a supply of Goods and Services. It's a cash discount. GST not applicable for this transaction...

But,
Your supplier ll be given Taxable Credit Note then You ll follow the Same...

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Gaurav Soni (27 Points)
Replied 22 November 2017

Thanks

But eg. we bought something for Rs 100
and sell it at rs 98. and received same type of credit note against it rs 4 . Then what should we do

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 22 November 2017

If you received as 'Discount" then you ll be give discount to your custmers...

Gaurav Soni (27 Points)
Replied 22 November 2017

yes received discount but how will pay I pay gst on my value addition when same will credited to p/l.account

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 22 November 2017

please show the figures of credit note

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Gaurav Soni (27 Points)
Replied 22 November 2017

figures are not there . but they were not present In gstr2a of july

Gaurav Soni (27 Points)
Replied 22 November 2017

figures are not there . but they were not present In gstr2a of july

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 22 November 2017

go to ask the supplier...!

Harvinder Ahuja (6 Points)
Replied 23 November 2017

When any supplier give any discount on invoice, he have to reverse sales and gst to give credit to purchaser. Less rate of item (item's rate - discount per unit) then GST must be accordingly to match the GST returns