Dear all,
Please solve the query, query is mentioned below:-
" Before making the purchase of raw material, purchase order was raised mentioning the condition on it as PAYMENT TO BE MADE @ RS10 PER KG INCLUDING CST/VAT, on the basis of this condition the material was supplied and invoice/bill was raised by the supplier as follows:-
1000 KG OF KRAFT PAPER @ RS 10/- ======== RS 10000.00
CST @ 1% ======== RS 100.00
LESS DISCOUNT ======== RS 100.00
NET AMOUNT ======== RS 10000.00
ONLY THESE ARE THE FACTS, IN CASE OF DISCOUNTS ( NO NEED TO THINK WHETHER IT IS TRADE OR CASH DISCOUNT)
My query is " should we raise a debit note to the supplier regarding CST amount charged by the party separately or it can be treated as waiver as the same amount was shown as discount" Friends please reply very quickly the amount involved is not only Rs 100 it is running into lakhs and we as a professional must find out the way to recover it from supplier
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Please solve this query
The supplier is very smart.
Inv shud be as follows:
1000 kg of mat- 9900
1% CST- 100
total 10000
less disc- 100
net amt- 9900
so raise debit note for 100 Rs.
If it is specifically mentioned that PAYMENT TO BE MADE @ RS10 PER KG INCLUDING CST/VAT then cost would be 9900(10000/101*100).However they have additionally charged CST(1%) which needs to be recovered thru debit note.
| Originally posted by :Taroon Sharda | ||
| " | Dear all, Please solve the query, query is mentioned below:- " Before making the purchase of raw material, purchase order was raised mentioning the condition on it as PAYMENT TO BE MADE @ RS10 PER KG INCLUDING CST/VAT, on the basis of this condition the material was supplied and invoice/bill was raised by the supplier as follows:- 1000 KG OF KRAFT PAPER @ RS 10/- ======== RS 10000.00 CST @ 1% ======== RS 100.00 LESS DISCOUNT ======== RS 100.00 NET AMOUNT ======== RS 10000.00 ONLY THESE ARE THE FACTS, IN CASE OF DISCOUNTS ( NO NEED TO THINK WHETHER IT IS TRADE OR CASH DISCOUNT) My query is " should we raise a debit note to the supplier regarding CST amount charged by the party separately or it can be treated as waiver as the same amount was shown as discount" Friends please reply very quickly the amount involved is not only Rs 100 it is running into lakhs and we as a professional must find out the way to recover it from supplier |
" |
dont be confused its a trade policy he is demonding as per contrct/ purchase order . he is showing cst sepret for sales tax department & giving u discount for the same . just reconcile it. its ok. no need to recover or issue to debit note, because it was decided by your managment previousaly. just clear it by your managment.
U will pay 10000/- to the supplier no need for doing anything
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