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Issue a credit note of Rs. 2,500/- against sale invoice for decrease tax liability.
If You have charged Sale Amount 1,05,000 + GST Amount on Sale Invoice. now for giving discount you should issue credit note 2,500 + GST Amount or you can use reverse calculation method for giving discount 2,500/-.
It will decrease your tax liability.
Okay, This solution was useful for service sector.
In your case, If you want to pay 2,500/- as discount then you can ask him for invoice, which will be generated by him. if he issued invoice of Rs. 2,500 + GST, then you will pay that amount & avail ITC.
Reverse calculation means Rs. 2,500/- is GST included value.
It will be treated as his other income & you will booked as indirect expenses.
This invoice would be related to service not goods. So, Stock will not increase.
Yes, HSN Code will be mention on Invoice accordingly. Your client will generate that invoice & you will pay that amount.
Yes, HSN Code will be mention on Invoice accordingly. Your client will generate that invoice & you will pay that amount.
@ Jyoti Narang.,
No more problem. You just give credit note with decrease of the items value
or
Just keep calm and receive the payment after less 2500. You will adjust the amount as discount in your books also to buyers end...
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