Example: A -Supplier M - Buyer
A offering to M 10% discount for getting prompt payment at the year end:
1.No prior period agreement
2.Can not trace bill wise.
For this at the year end, A issues to M a credit note( without charging GST).
Query 1: This discount amount is taxable income from the part of 'M'.
2: If its income, How can pay the tax by 'M'.
Kindly give reply in detail...thanks in advance
| Latest response: 14/06/18 | Sort by