A receives material at Rs. 1000 + GST from B with proper invoice.
A knows that if he sold the material in bulk he will receive discount in the form Financial Credit Note of 10 percent (without GST) of transaction value from B, which cost him the product to Rs. 882.
A sold the product at a price of Rs. 950 + GST.
Assuming the GST at 18% perecent follwing transaction take place in books of accounts
Purchase Acc Dr. 1000
Purchase Acc Cr. 118
Net Purchase Acc Dr. 882
Sales Acc Cr. 950
GP 68
GST Balance Dr. 9
Is it right or any GST liability will arise ????
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