Non payment of consideration
This query is : Resolved
Quick Summary
Nikhil Sharma
(Querist)
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
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
(Expert)
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
(Querist)
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
(Expert)
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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