26as showed commission income
This query is : Resolved
Ankit Jain
(Querist)
15 October 2018
here one of the our Client facing a problem relating to revenue recognition.
party A who is a authorized dealer of a Company who is a manufacturing of Electronic Product, company is giving commission on selling at end of the year by crediting Commission and deducting TDS on it. here in GST scenario the commission is also taxable under GST @ 18% but the company not giving and proper information about the commission credit and deduction of TDS on it. Now the company want a tax invoice for the commission which is credited previously on 31 march 2018 (GST paid invoice) with current date.
here problem is double income generation and what is the legal consequences on it
party A who is a authorized dealer of a Company who is a manufacturing of Electronic Product, company is giving commission on selling at end of the year by crediting Commission and deducting TDS on it. here in GST scenario the commission is also taxable under GST @ 18% but the company not giving and proper information about the commission credit and deduction of TDS on it. Now the company want a tax invoice for the commission which is credited previously on 31 march 2018 (GST paid invoice) with current date.
here problem is double income generation and what is the legal consequences on it
CA Deepak Rawat
(Expert)
16 October 2018
You can check TDs deduction details with the help of 26as second thing your nature of business is trading and I don't think you need to issue tax invoice for that but commission received will add to your income.
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