GST 180 Days Condition
This query is : Resolved
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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.
CA R SEETHARAMAN
(Expert)
31 December 2020
Yes, setoff of such liability will be considered as payment.
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