we are agents of a foreign shipping line and hence issue invoice in the name of our principal who are registered with GST in India but the bank account is in the name of agents as foreign shipping line cannot open a bank account so question is when vendor making payment to agents is there any restriction as payment is made to agents while the invoice is in the name of foreign shipping line having gst registration India

I made import of goods from Thailand on 20.04.2020. The invoice was in dollars
The goods were cleared from customs on 25.04.2020.
Query:
1. Date of purchase in the books of account will be 20.04.2020 or 25.04.2020?
2. ITC will be taken on the basis of this date.
3. Currency rate as on 20.04.2020 or 25.04.2020 have to be taken for recording the puchase in books of accounts?

A trader is involved in trading of variety of goods belonging to diff HSN & GST rates. When we file GST return, accumulated ITC and output liability is being shown of all categories of goods.
Can he set off ITC of IGST paid at the time of import with other goods(not imported) in which i am trading.

Dear Experts,
We entered into contact with govt body with contract value above 2.5 Lakh, however contractee has deducted 2% TDS which is also being reflect in our 2A,

You are requested to clarify the procedure to claim the ITC of TDS deducted by contractee,

Thanks
Karan

Whether i can issue debit note against my imports made from a supplier outside India?
The supplier is giving me discounts now, the goods have been cleared from the customs.

while paying freight we are paying GST under RCM , if tanker /truck delayed to return due to material unloading or any other reasons we have to pay extra amount as detention charges,
Pl clarify that whether we have to pay GST under RCM for detention charges or not.

Thank you
Srinivas

Dear Expert, please resolve my query:

Invoice value at the time of import from China was $5 per unit mentioned in invoice
Goods were cleared from the customs on the basis of this invoice and custom duty/gst was paid.
Later on the import invoice was revised and supplier provides discount of $2 per unit.

Query 1: Whether we can issue debit note to the China party?
Query 2: Whether the debit note will pass through any custom duty?
Query 3: Whether GST have to be charged on this debit note?

Dear Experts, please provide a solution to my query.

A firm has imported goods from China and paid Custom Duty and GST at the time of clearance.

The bill send by the supplier was $5.00 per unit(Value = $5*Rs.75/$ = Rs 375 per unit)
But at the time of clearance , customs takes the assessable value at Rs. 500 per unit and then charges custom duty and 18% gst. So we paid IGST=500*18% = Rs. 90 (IGST input)

We sold the goods to our customers at Rs. 200 per unit @18% GST (IGST output) = Rs. 36. The rate of tax at the time of import & sale is same @18%

Due to the difference of assessable value under GST & customs, we are having extra input of Rs. (500-200)*18%=IGST Rs. 54.00.

We have sold 1 Lacs unit during the FY 2019-20, outstanding extra credit of IGST = Rs. 54 Lacs.

Query 1 : Whether there is any method by which refund of extra igst paid at the year end can be claimed as refund?

Query 2: Suppose we close down the trading of this product and continue with trading of other remaining products under the same gst registration.
Whether the accumulated IGST input of Rs. 54 Lacs can be used against liability of the other products sold?

Sir, B2C party ka bill galti se B2B me add ho gaya...ab us bill ko b2b se kaise hataye

Dear Sir,

I purchased some materials in the earlier month of this calender year and have already taken the GST input against that purchase while filling the return. But due this pandemic and lockdown and closure of establishments the material got expired. The same can't to be sold.

But as mentioned above already taken the input for the same. What will the course of action in this case. Please reply.

Thanking you,

Dependably yours