01 November 2017
Dear Querist,
One Co. Have sale of readymade products of 5% & 12%.
Above 1000 rate he charge 12% and below 1000 charge 5% as per gst rules. But after giving discount of 25% on overal bill rate of clubbed bill change. Now above 1000 rate after discount come to say as 990/-.
Should Co. Charge 12% or 5%. Kindly tell.
02 November 2017
As per GST Valuation rules
*If the discount is given before or at the time of supply, and is recorded in the invoice Can be claimed as deduction from transaction value *If the discount is given after supply, but agreed upon before or at the time of supply, and can be specifically linked to relevant invoices Can be claimed as deduction from transaction value *If the discount is given after supply, and not known at the time of supply Cannot be claimed as deduction from transaction value
03 November 2017
Since bill contain both 5% & 12% rate product after that discount given on value, therefore 12% rate product come below 1000 rate. Receiver of goods told u charged mre tax. Kindly tell.
CAclubindia
