Non payment of consideration

This query is : Resolved

Nikhil Sharma (Querist)
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03 June 2020 Dear Experts,
Mr. A purchased the goods from Mr . B of value say 1 Lakh, also Mr. B purchased the goods from Mr. A value say 50000/- hence balance Rs. 50000/- paid to Mr. A by Mr. B,

However rule 37 of CGST rule 2017 state that consideration has to be paid within the 180 days,

Pls clarify is it fair practice to adjust balance against such purchases' will it be legally stand during assessment procceding,

Thanks & Regards
Nikhil sharma

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 June 2020 Yes, it is fair practice to adjust balance against such purchases' and it will be legally stand during assessment procceding,

Nikhil Sharma

Nikhil Sharma (Querist)
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03 June 2020 But sir! I think in act. Or rule thereof No where it is written that we can adjust such transactions

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 June 2020 It's commercial practice and it will be considered as consideration paid. Tax authorities will not object to it.

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