28 March 2019
There is a matter of Auto Rickshaw Dealer ,their sales bills as follows SELLING TO REGISTERED BUYER
Auto Rickshaw 120000 Insurance 20000 Registration at Rto 10000
GST rate is 12 %
Current billing process Auto Rickshaw 120000 GST 14400 Insurance 20000 Registration at Rto 10000
TOTAL INVOICE VALUE 164400
ABOVE CONCEPT BASED ON PURE AGENT OF ( WE HAVE AGREEMENT FOR PURE AGENT MATTER ) RULE 33 Insurance 20000 Registration at Rto 10000 PROBLEMS WE ARE FACING CURRENTLY IN GSTR 1 WE WRITE AS FOLLOWS TAXABLE VALUE 120000 GST 14400 INVOICE VALUE 164400(120000+14400+20000+10000)
NOW DEPARTMENT IS ASKING FOR REVERSAL OF EXEMPT SUPPLY FOR 30000 AS FOLLOWS Insurance 20000 Registration at Rto 10000 ON OTHER SIDE THE BUYER IS FACING THE BELOW PROBLEM THE BUYER IN HIS GSTR 2A HAVING TWO BILLS OUR BILL RS 164400 AND INSURANCE COMPANY BILL 19000(TAXABLE VALUE ) +1000(GST) = 20000 SHOWING
NOW IN REGISTERED BUYER GSTR 3B ONE INPUT RS 14400+1000 (INSURANCE) AND INWARDS NIL RATED SUPPLY 30000
SUGGESTION WE RECEIVED TO BILL CUSTOMER Auto Rickshaw 120000 GST 14400
AND THE FOLLOWING AS REIMBURSEMENT EXPENSES Insurance 20000 Registration at Rto 10000
BUT IN THE SUGGESTION THE PROBLEM IS THAT - THE BANK FINANCE IS CURRENTLY GOING ON 164400 BUT IF WE TAKE THE SUGGESTION THE BANK FINANCE WILL BE 134400 BECAUSE BANK MANAGER IS CONSIDERING THE INVOICE VALUE
PLEASE GIVE ME THE SUGGESTION ,WE MUST HAVE TO SHOW INVOICE 164400 FOR FINANCE
29 March 2019
Raise a invoice of only the value of Rickshaw. and issue a payment receipt for other things. Because you are agent between Insurance Company and Buyer. You take the payment and give it to insurance company or registration fee.
CAclubindia
