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GST impact
Damage quantity in buyer place and same not returned back to supplier place and rates differences how GST will impact from sellers point of view and buyer point of view and effect in Gst return from suppliers side. Can anyone explain in detailed?
Replies (3)
Quick Summary
For damage the seller and buyer come to an agreement to compensate the loss and GST will collect by the subsequent sell according to their taxable value
What will be my accounting entry in books for reversal of credit for damage of goods
In books of Recepeint:
Dr : Supplier
Cr : Purchase
Cr : ITC
In books of Supplier :
Dr : Sale
Dr : Output Tax
Cr : Debtor
Dr : Supplier
Cr : Purchase
Cr : ITC
In books of Supplier :
Dr : Sale
Dr : Output Tax
Cr : Debtor
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