Nowadays, most office items such as laptops, subscripttions, stationery, and gifts are purchased through e-commerce sites. Amazon and Flipkart are the major e-commerce platforms where we buy high-value items using staff credit cards. Most of the time, they run instant discount offers, which we take advantage of. We reimburse the actual debited amount to the staff, but the bill will show the due amount in the books. The seller does not mention the instant discount value the bill.
In this case, can we claim ITC for such purchases? How should we record the instant bank discount in the books, and how should we close the due bills in the books?
CAclubindia
