ours is pvt ltd co. we have sold some instruments to a govt party with CST @ 5% after Comm Tax Dept changed tax rate from 4% to 5% but the order from the party is for CST4% before amendment of Tax Rates and now the party is not paying the difference of 1% Tax - please suggest how to write off this 1% difference amount.
The same case with discount as we are supposed to give 10% Discount which is not given by us . and party will not the discount as it was written agreement that we will give 10% discount
How to write off these amounts in the books of accounts.
Siddu Reddy
CAclubindia
