discount details on invoice

[Rajendra karri]

Sir, iam a electronic goods dealer, i purchase goods for dealer price and sell for less

example: I purchase fridge for Rs.25,000/- from manufacturer and sell forRs. 24, 000/- to custmers.

The difference amount is compensated by manufacturer in the way of credit note of Rs.1500/- at month end . ultimetley i had earned 500?-Rs. The questions are

1) ITC for 1,000/- got accumulated with me, should i reverse this back...to whom?

2) Is it mandatory to raise invoice for Rs. 25,000/- to customer and mention the discount offered Rs1000/- on the invoice .

 

 

AI Summary

Electronic Goods Dealer Navigates Complex GST Pricing and Input Tax Credit Scenarios with Manufacturer Credit Note Adjustment An electronic goods dealer purchases a fridge from a manufacturer at Rs. 25,000 and sells it to customers at Rs. 24,000. The manufacturer provides a credit note of Rs. 1,500 at month-end. The dealer seeks guidance on input tax credit (ITC) reversal and invoice documentation under GST regulations. Responses suggest the dealer should issue an invoice at the actual selling price and carefully review the credit note's GST implications before determining ITC treatment.