Explanation:
Discount is only offered to good debtors. Thus, it is calculated on the debtor balance remaining after deducting bad debts and provision for doubtful debts.
Under GST, if a registered person makes both taxable and exempt supplies, the input tax credit (ITC) on common inputs must be reversed. Which rule prescribes the methodology for this reversal?
Explanation:
Rule 42 and 43 of the CGST Rules prescribe the methodology for determining and reversing ITC attributable to exempt and non-business supplies.
The 'Audit Documentation' should be sufficient to:
A.Meet legal requirement
B.Only remind the auditor
C.Satisfy management
D.Enable an experienced auditor, having no previous connection with the audit, to understand the nature, timing, extent of procedures, results, and conclusions
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