GST 180 Days Condition
This query is : Resolved
Quick Summary
31 December 2020
Dear Experts,
We are buying the material from the Supplier. After manufacturing the product, selling to the same supplier who supplied the raw material. we want to set off the payable with receivable. ITC from purchase from supplier whether eligible or not with 180 days conditions.
Extraction from "Consideration" definition as - in relation to the supply, any payment made or to be made, whether in money or otherwise...............(So on)
Whether can we consider setoff the liability with receivable under payment in otherwise.
We are buying the material from the Supplier. After manufacturing the product, selling to the same supplier who supplied the raw material. we want to set off the payable with receivable. ITC from purchase from supplier whether eligible or not with 180 days conditions.
Extraction from "Consideration" definition as - in relation to the supply, any payment made or to be made, whether in money or otherwise...............(So on)
Whether can we consider setoff the liability with receivable under payment in otherwise.
31 December 2020
Yes, setoff of such liability will be considered as payment.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- REGARDING ITR FILING QUESTION
- CASH GIFT FROM BLOOD RELATIVE
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Gst reverse charge mechanism to be claimed in the month of payment
- DUE DATE FOR ITR FILING
- TDS refund Indemnity Bond
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
