Post sale cash discount entry and documentation
This query is : Resolved
01 May 2024
How to record post sale discount, not shown on GST Invoice and was not agreed upon before sale, given by supplier because of quick payment of due. The discount is given on total amount payable and is not linked to products. Also, what kind of documentation should i ask for as a proof of this discount. Is there any need to reverse ITC, noting that there was no pre negotiation.
02 May 2024
Credit note is required for such cash discount. No need for reversal of ITC.
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