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discount

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173 Points Posted on 15 July 2017
sir I am deducting discount from my suppliers bill without disturbing GST AMOUNT in this case will i have to take credit note ?
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On 15 July 2017 at 10:52 Report
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Asst. Manager
529 Points Posted on 15 July 2017

If the Discount is mentioned in the invoice the GST can be calculated on post discounted Amount.

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On 15 July 2017 at 12:21
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204 Points Posted on 15 July 2017
you have to send debit note to your supplier with discount amount and GST ON IT,, U CAN NOTE ALLOW TO MODIFY INVOICE OF YOUR SUPPLER AS PER RULLES OVER WRITING NOT ALLOW
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On 15 July 2017 at 12:50
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173 Points Posted on 15 July 2017
Sir GSTon discount? At what rate? It is cash discount for early payment
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On 15 July 2017 at 16:07
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Asst. Manager
529 Points Posted on 15 July 2017

It does'nt matter... For E.g., If the Invoice is for 1,000/- and the seller or service provider gives 5% discount (Discount mentioned in Invoice) then the GST will be applicable on 950/-.

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On 15 July 2017 at 16:14
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173 Points Posted on 15 July 2017
discount not mentioned in invoice e.g 1000 rs goods 5 % GST total value 1050. as I'm paying in 8 days I m getting 2% discount . debit note of rs 20 .
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On 15 July 2017 at 16:32
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Asst. Manager
529 Points Posted on 15 July 2017
then yes you need to take it.
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On 15 July 2017 at 16:34
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173 Points Posted on 15 July 2017
GST on discount on GST input or output
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On 15 July 2017 at 16:50
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CA
64 Points Posted on 15 July 2017
Entry at the time of purchase purchase. Dr 1000 Gst Dr 50 Vendor cr. 1050 At the time of payment Vendor Dr 1050 Disc cr 19 Gst. Cr 1 Cash/bank 1030 Gst ac also vifircate into CGST AND SGST.
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On 15 July 2017 at 17:18
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CA
64 Points Posted on 15 July 2017
Entry at the time of purchase purchase. Dr 1000 Gst Dr 50 Vendor cr. 1050 At the time of payment Vendor Dr 1050 Disc cr 19 Gst. Cr 1 Cash/bank 1030 Gst ac also vifircate into CGST AND SGST.
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On 15 July 2017 at 17:19
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CA
64 Points Posted on 15 July 2017

Actually it is not a GST on Discount , but it is a Reversal of ITC of GST on Purchase.

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On 15 July 2017 at 17:23


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