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 ...
When cash discount is allowed at the time of collecting payment from a customer in terms of an agreement entered into prior to the supply, then the supplier would issue a credit note to the customer to the extent of suchcash discount, to declare that he ‘OWES’ money. ...
Then, select the unit, quantity, and any discount/incentives. IGST or CGST & SGST for the selected goods/services will be automatically shown. STEP 6: Click to Create GST Invoice: If all the above details are given, simply click the ‘Create GST Invoice’ option. Such an invoice is ...
Discount applied after an invoice has already been produced The Importance of Credit Notes in Business A credit note records a seller’s due amount reduction from a buyer. These may occur for several reasons: Overpayment by the buyer: A credit note or refund can be given to the buyer when...
This topic lists the important FAQ on GST, especially related to GSTR-1, unregistered dealers, HSN/SAC, tax calculations, invoicing and printing, cash discount or trade discount, GST features, GST calculation, licensing and migration, and others. ...
Invoices are used to file returns as per GST. As per CGST guidelines business have to issue credit and debit notes againstinvoicesfor varied reasons. These reasons can be return of sales, discount given post sale, lack in services, and error correction in invoices, to name the most. ...
Goods and Service Tax is an indirect tax, provided by GST-registered businesses applied to the selling price of goods and services.The current GST rate is 7%. The end customer is usually the ultimate payee of GST. Thus, GST never becomes or behaves as a cost to the company. On the cont...
sgst is the tax levied on goods and services provided within the boundaries of a given state. the act puts the various state taxes, such as luxury tax, state income tax, entry tax, entertainment tax and so on, under one umbrella. commodities not subject to gst list of commodities does ...
Creating an invoice/debit note for a customer (GST is calculating positive value for discount).Upcoming fixes in 10.0.11When a vendor record is created with multiple sub-vendors, the main supplier name and address are displayed in GSTR-2, which is not the information selected on the Tax inf...
However, as there are two lenders together on the lender side, the borrower makes promises to two of them together, and therefore, the rights of any one of them is governed by the law relating to “joint promisees”. Given this framework, co-lending arrangements cannot simply be viewed as...