The discount is mentioned on the invoice. Input Tax Credit (ITC) is reversed on the discount received through a credit note. Impact of GST on Mobile Phone Prices The shift from the old tax regime (VAT) to GST has significantly impacted mobile phone prices. Here are some key changes: Lates...
With Deskera Books, you can generate tax invoices, simplified tax invoices, and credit/debit notes with ease. Once the invoice is created, it furnishes essential details like the product name and model, unit price, discount, tax applicable, and even payment terms. The generated tax invoice help...
EXAMPLE 9 Happy Sdn Bhd provides repair services at a 20% discount to its group company. The group company is not a GST registrant. On the basis that the group company is not a GST registrant and therefore not entitled to claim the input tax credit, the value ...
Recheck the transaction's tax applicability. CGST and SGST are applicable if the state code of the recipient and supplier at the Point of Supply (POS) is the same. If IGST applies, enter the "IGST" amount and mark the intra-state transaction as "Y" in exceptional circumstances ...
The GST council has been receiving numerous queries and doubts from the myriad industries and trading associations regarding its applicability and nuances on the supply of various goods and services. One such concern had been on the issue of its applicability on additional/penal interest. Recently ...
– Sale by government departments to unregistered person; – Levy of penalty when self-assessed tax or any amount collected as tax has not been paid within thirty days from the due date of payment; – Rate of tax in the case of debit notes/ credit notes; – Applicability of notification ...
The amended Notification now provides unconditional exemption from applicability of GST under reverse charge when goods or services are received from unregistered persons. The exemption shall be operative till 31st March 2018. (c) 2016 Microsoft Corporation. All rights reserved. This document is ...
EXAMPLE 9 Happy Sdn Bhd provides repair services at a 20% discount to its group company. The group company is not a GST registrant. On the basis that the group company is not a GST registrant and therefore not entitled to claim the input tax credit, the value ...