Dear Seniors
Please clarify the treatment of discount & Insurance charges in purchase bill under GST
Thanks
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Treatment of discount
Replies (3)
DISCOUNT if levied to be deducted from basic amount and corresponding gst also to be deducted.
same is with insurance charges, if insurance charges are levied in purchase bill, the gst of highest denomination, ei if there are two gst slabs levied for example 5 a^ 18, then 18% will be levied.
Thank u kunal sir
whether discount treated as indirect income or less from purchase price of goods.
whether discount treated as indirect income or less from purchase price of goods.
When GST less discount is reced. is less from purchase , else can be consider as Indirect Income
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