Non payment of consideration
This query is : Resolved
Quick Summary
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
03 June 2020
Yes, it is fair practice to adjust balance against such purchases' and it will be legally stand during assessment procceding,
03 June 2020
But sir! I think in act. Or rule thereof No where it is written that we can adjust such transactions
03 June 2020
It's commercial practice and it will be considered as consideration paid. Tax authorities will not object to it.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- ITDS U/S.194T of Firm
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- GST not cancelled by tenant
- Filling ITR - U
- Eway bill not cancelled within 24 hous what can be due
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
