We raise the invoice but creditors deduct the a certain amount from that invoice and paid rest of the amount. Though GST is already paid. What should we do now? more
1) Issue credit note for the deducted amount. Treat this as trade discount or whatever name it is known in your trade. 2) This credit note should have two items 2.1 Amount deducted by debtor and 2.2 GST on it . 3) For this GST as per Credit Notes create a separate account in your books of account say: GST on Discount A/c 4) Now when GST return is filed, transfer the total of this account to your GST account and deposit GST short by this amount. Problem solved. more
I agree with Meghal. You need to issue the credit note for the amount deducted (other than GST) by the creditors and compute GST on such amount. This Sales and GST amount should be deducted from your taxable sales of the month in which the credit note is issued and pay the balance amount after adjusting for ITC if any. more
Your invoice appears to be wrong and not according to your agreement. Creditor can withold part payment as per agreement only. Please do not do business with defaulting creditors. more
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By Sunita Varghese
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