GST Input or output
This query is : Resolved
19 March 2022
Our co has purchased material from mr A but actual goods are not received and mr A asks our ourganisation to sell back its goods with 5% margin..
And our co has recorded this 5% margin as income (neither it recorded purchase nor recorded sale) now the question how the gst will be recorded on this margin as output gst aur input gst is to be lower down?
And our co has recorded this 5% margin as income (neither it recorded purchase nor recorded sale) now the question how the gst will be recorded on this margin as output gst aur input gst is to be lower down?
19 March 2022
Whether tax invoice issued.
19 March 2022
Since there is no proof that sale actually took place at the first place the property in goods wasn't transferred. Therefore it is not sale prima facie and therefore outside the scope of supply. Seems to be in the nature of speculation gain. Avoid such transactions except through authorised exchanges since there is no documentary proof whatsoever.
19 March 2022
Account it as other income if no tax invoice is issued with GST.
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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- ITR returnFY25-26
- NON- SUBMISSION OF LLP FORM 3
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
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
