After purchasing of the stock our supplier issues the schemes on sale like Rs.1000/- or 2000/- on each product. They had given 8% margin at the time of invoicing and the same margin 8% has deducted in issuing the credit note. For example: Market Operating Price: 9999 Basic Price: 8928 Margin 8% : 714 Invoice Price is ( 9999-714 ) = 9285 ( inclusive of gst)
Scheme issued 1000/- for each product then the calculation as given under Scheme amount = 1000 Basic : 847.45 Margin 8% : 67.79 Credit not given : 932 ( 1000-67.79) inclusive of gst
Target linked credit note: They said you achieve the target on purchase then get additional 1% calculation as under. Total Purchase : 1,00,00,000 (Incl.Gst) Base value :84,74,576/- Gst @ 18% : 15,25,423/- 1% Calculated on Base value : 84,745/- They are given the credit note 84,745/- inclusive of gst
Please suggest the above calculation is correct....
CAclubindia
