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Rate differences

SUMIT BADYAL (709 Points)

21 January 2021

hi, how we enter rate difference entry as a supplier in tally with gst

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6 Replies

prasad Nilugal (3924 Points)
Replied 22 January 2021

Please elaborate with details or example .

SUMIT BADYAL (709 Points)
Replied 22 January 2021

The rate difference in the sale invoice

prasad Nilugal ( GST Practitioner & Accounts ) (14916 Points)
Replied 22 January 2021

You mean to say , earlier you issued sales Invoice with more rate and then latter on rate reduced . please clarify .

SUMIT BADYAL (709 Points)
Replied 22 January 2021

Right

prasad Nilugal ( GST Practitioner & Accounts ) (14916 Points)
Replied 22 January 2021

Then you have to issue Credit Note giving reference of original Invoice for difference amount for rate reduction as a supplier to Customer and show same credit Note in Tally ERP 9 ., However credit note should be as per section 34 of the CGST act 2017 . .

prasad Nilugal ( GST Practitioner & Accounts ) (14916 Points)
Replied 22 January 2021

I will give you example , Suppose Taxable value shown earlier in original Invoice is 105 + GST , now you want reduce taxable value 100 +GST , Credit Note is to be issued for Rs 5/ + GST (105-100) .