Jyoti Narang (Kkk) (1204 Points)
01 November 2019
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 01 November 2019
Issue a credit note of Rs. 2,500/- against sale invoice for decrease tax liability.
Jyoti Narang
(Kkk)
(1204 Points)
Replied 01 November 2019
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 01 November 2019
If You have charged Sale Amount 1,05,000 + GST Amount on Sale Invoice. now for giving discount you should issue credit note 2,500 + GST Amount or you can use reverse calculation method for giving discount 2,500/-.
It will decrease your tax liability.
Jyoti Narang
(Kkk)
(1204 Points)
Replied 01 November 2019
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 01 November 2019
Okay, This solution was useful for service sector.
In your case, If you want to pay 2,500/- as discount then you can ask him for invoice, which will be generated by him. if he issued invoice of Rs. 2,500 + GST, then you will pay that amount & avail ITC.
Reverse calculation means Rs. 2,500/- is GST included value.
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 01 November 2019
It will be treated as his other income & you will booked as indirect expenses.
Jyoti Narang
(Kkk)
(1204 Points)
Replied 01 November 2019
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 01 November 2019
This invoice would be related to service not goods. So, Stock will not increase.
Jyoti Narang
(Kkk)
(1204 Points)
Replied 01 November 2019
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 01 November 2019
Yes, HSN Code will be mention on Invoice accordingly. Your client will generate that invoice & you will pay that amount.
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 01 November 2019
Yes, HSN Code will be mention on Invoice accordingly. Your client will generate that invoice & you will pay that amount.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 01 November 2019
CAclubindia
