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Issue ID: 113241
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Discount under GST

Date 23 Dec 2017
Replies 2 Replies
Views 1348 Views
GST adjustment for short payments: issue a credit note to reverse tax liability and notify customers for return reconciliation.
Short payments due to short quantity or rate differences should be accounted for by issuing a credit note and reversing GST to the extent of the shortage; a credit note may be raised with or without GST, and where GST is adjusted the supplier's liability reduces and the entry appears as a debit note in the customer's return to enable matching and reconciliation. (AI Summary)

Dear Experts,

In some cases we have received short payment from customers due to short quantity/rate difference.

These thing comes to notice after received the payment.

Customers are not giving us any debit note.

My Quarry is:-

For accounting purpose shall we book the short payment under discount head....

Please advise....

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