If a gst retailer purchased bill with discount, where can we show discount amount in books
Menu
Gst purchase entry
Replies (3)
As per section 15 of gst, value of supply shall not include any discount which is given before or at the time of supply.
As stated by you that discount is shown in invoice ,so this is the case of discount at the time of supply.
So you have to record the purchase after discount.
For ex purchase 1000
dis 100
net 900
cgst @ 9% 81
sgst @ 9% 81
Total 1062
Then entry is
Purchase 900
input cgst 81
input sgst 81
To Vendor 1062
As stated by you that discount is shown in invoice ,so this is the case of discount at the time of supply.
So you have to record the purchase after discount.
For ex purchase 1000
dis 100
net 900
cgst @ 9% 81
sgst @ 9% 81
Total 1062
Then entry is
Purchase 900
input cgst 81
input sgst 81
To Vendor 1062
Due date for filing FORM GSTR -3B for the month of July 2019 has been extended to 22.08.2019. Notification will follow.
Income side if it's not reduce from taxable value in bill.
Recent Topic
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
- Mold cost invoice in GST return
- WhatsApp document sharing: Client sends Aadhaar, P
- GST Registration Cancelled for Non-Filing Returns
Related Topics
CAclubindia
