Consideration of sponsorship service in GST for RCM self-generating invoice
This query is : Resolved
Quick Summary
Bhawna Dubey
(Querist)
11 April 2023
One of my clients (Pvt Ltd) transferred goods worth Rs 10 lakh plus Rs 25000 in cash under sponsorship services in a college sports event. Now how can I show it in books?
Is value of goods being also to be included in Rcm invoice or ITC of goods is to be reversed separately in GSTR-3B and RCM invoice is to be made up of only Rs 25000?
How do I show this transaction??
Is value of goods being also to be included in Rcm invoice or ITC of goods is to be reversed separately in GSTR-3B and RCM invoice is to be made up of only Rs 25000?
How do I show this transaction??
CA R SEETHARAMAN
(Expert)
14 April 2023
Include value of goods also under RCM invoice.
Arun Kumar Singh
(Expert)
14 April 2023
RCM on sponsorship services will be applicable only on value of services.
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