Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Discount

jeevan lingayat (manager) (214 Points)

26 October 2018

One of our party have made payment against our sale bill after deducting discount on Ass. value and have taken full credit of IGST. Pl inform how to show discount

Reply
Follow
Share

6 Replies

HANNAN SHAIK (291 Points)
Replied 26 October 2018

You have to pass Credit Note to the extent of discount... This will reduce your Sale... Accordingly your party must pass Debit Note... This will reduce his Purchase...

Upgrade to CAclubindia Pro. Subscribe Now!

prasad Nilugal ( GST Practitioner & Accounts ) (14805 Points)
Replied 26 October 2018

As erp section 15 sub section (3) of the CGST act 2017 , the value of supply shall not include any discount . This before or at the time of supply .

For i.e Sales value - 1000

Less Discount - 200

-----------

Taxable value 800

You have charge GST on 800/- and ITC will be on same amount .

jeevan lingayat (manager) (214 Points)
Replied 26 October 2018

Thanks. i have raised bill value 1000 n IGST thereon
party directly deducted dis 3% on sale value n have made payment n have taken full credit of IGST.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 26 October 2018

Originally posted by : jeevan lingayat
	Thanks. i have raised bill value 1000 n IGST thereonparty directly deducted dis 3% on sale value n have made payment n have taken full credit of IGST.