I AM DISTRIBUTOR OF PARLE AND COMPANY GIVE ME INCENTIVE IF I SUPPLY PRODUCTS OF COMPANY AT DISCOUNTED PRICE FIXED BY COMPANY TO RETAILERS AND WHOLESALERS.
MY QUESTION IS
IS GST APPLICABLE ON ABOVE INCENTIVE?
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GST ON INCENTIVE
Replies (3)
For incentive value if product is supplied then GST is chargable
but if incentive is given by way of credit note then TDS is applicable on this
WHAT CO DO IS
WHEN I PURCHASE GOODS FROM COMPANY THEY ADJUST INCENTIVE IN THE AMOUNT PAYABLE BY ME
THEN WHAT WILL APPLICABLE
WHEN I PURCHASE GOODS FROM COMPANY THEY ADJUST INCENTIVE IN THE AMOUNT PAYABLE BY ME
THEN WHAT WILL APPLICABLE
when they adjust in your account there should be a credit note to be asked for the value adjusted. you need to pass entries in your books as
Debit Parle a/c- (Sundry creditors ) with the value of amount adjusted
credit incentive received amount a/c
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