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One of our party have made payment against our sale bill after deducting discount on Ass. value and have taken full credit of IGST. Pl inform how to show discount
Replies (6)
You have to pass Credit Note to the extent of discount... This will reduce your Sale... Accordingly your party must pass Debit Note... This will reduce his Purchase...
As erp section 15 sub section (3) of the CGST act 2017 , the value of supply shall not include any discount . This before or at the time of supply .
For i.e Sales value - 1000
Less Discount - 200
-----------
Taxable value 800
You have charge GST on 800/- and ITC will be on same amount .
Thanks. i have raised bill value 1000 n IGST thereon
party directly deducted dis 3% on sale value n have made payment n have taken full credit of IGST.
party directly deducted dis 3% on sale value n have made payment n have taken full credit of IGST.
| Originally posted by : jeevan lingayat | ||
 |
Thanks. i have raised bill value 1000 n IGST thereonparty directly deducted dis 3% on sale value n have made payment n have taken full credit of IGST. |  |
Yes... You can debit under Discount head directly.
Dr. Discount A/c - Rs. 300
Cr. Party A/c - Rs. 300...
No need to show if it's not a taxable transaction.
ok. thanks. i have to reverse gst also or no need
| Originally posted by : jeevan lingayat | ||
|
ok. thanks. i have to reverse gst also or no need | |
If You prepare "TAXABLE DEBIT" then You can reverse. If You will just give discount then no need...
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