Meis incentive income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 January 2019
Hello All, We are exporter. We received export Incentive in the form of MEIS Script. On Receipt of MEIS Script, we sale it to third party. Now my query is How to post entries in tally under GST on receiving of MEIS Script and sale of MEIS Script to third party.
IT IS TAXABLE.
Regards,
Hello All, We are exporter. We received export Incentive in the form of MEIS Script. On Receipt of MEIS Script, we sale it to third party. Now my query is How to post entries in tally under GST on receiving of MEIS Script and sale of MEIS Script to third party.
IT IS TAXABLE.
Regards,
CA Mayur Todmal
(Expert)
02 January 2019
Duty credit scrips are classified under HSN 4907 and they are exempted from the whole of GST by
an amendment to Notification 2/2017-CT (R) dated 28th June 2018 by notification 35/2017CT (R) dated on
13 October 2017. It is important to note that duty credit scrips are held to be ‘goods’ for the purposes of
GST.
an amendment to Notification 2/2017-CT (R) dated 28th June 2018 by notification 35/2017CT (R) dated on
13 October 2017. It is important to note that duty credit scrips are held to be ‘goods’ for the purposes of
GST.
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