MATERIAL USED FOR PERSONAL PUPOSE

Save Share

This query is : Resolved

Quick Summary

A manufacturing client used some of their produced jelly for personal residential construction. The advice given is to reverse any input tax credit claimed on the material used personally. For income tax purposes, this is treated as drawings. The client is also asking if they can raise a sale bill for this personal use of materials.

sivakumar

sivakumar (Querist)

29 June 2020 DEAR SIR / MADAM

MY CLIENT IS RUNNING A MANUFACTURING UNIT [ JELLY CRUSHER MACHINE ] HE PURCHASED SOLLING AND PRODUCED JELLY AND SOLD IT. AND HE IS CONSTRUCTING A RESIDENTIAL HOUSE FOR HIS OWN. HE USED SOME QTY OF JELLY FOR PERSONAL USE [ FOR HIS HOUSE CONSTRUCTION ] HOW TO ACCOUNT IT AND HOW TO SHOW IN GST RETURN CAN I RISE SALE BILL FOR MATERIAL USED FOR PERSONAL PURPOSE OR NOT WHERE TO SHOW IN GST RETURN AND HOW TO ACCOUNT FOR INCOME TAX PURPOSE

PL SUGGEST ME

c.bakshi

c.bakshi (Expert)

30 June 2020 if you avail input of that material then you have to reverse the input of that material and enter in the books of account. drawings for income tax purposes.

sivakumar

sivakumar (Querist)

30 June 2020 SIR I CAN RISE THE INVOICE OR NOT

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now