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
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- Form 121-contradictory opinions
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
