If sell good on MRP lets say 100 and on which charge GST 18. BUT we received on 70+18GST=88. MY QUERY IS THAT HOW WE ADJUST THE 30 RS IN BOOKS OF ACCOUNT. FOR GST AND INCOME TAX PURPOSE.
5 Replies
shubham jain
(8 Points)
Replied 08 March 2018
cash a/c Dr. 88
Sales a/c 70
output GST 18
this should be the accounting.
but you have collected excess GST as GST is not chargeable on discount, which is the case here. now as you have collected excess GST you are requested to deposit the same therefore your output liability is 18.
Sales a/c 70
output GST 18
this should be the accounting.
but you have collected excess GST as GST is not chargeable on discount, which is the case here. now as you have collected excess GST you are requested to deposit the same therefore your output liability is 18.
Gagan Singla
(564 Points)
Replied 08 March 2018
give credit note of 30 rs. and write off it to discount account
Mondira Saha
(GST)
(3925 Points)
Replied 09 March 2018
pls clear first why you face this mismatch ... is it discount matter ?
Aashish Sachdeva
(839 Points)
Replied 09 March 2018
yes it is discount matter. which given to everyone it may 20% or 30% or 25% etc etc
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