Revenue recogination under AS
This query is : Resolved
Quick Summary
15 March 2022
Dear sir,
I need advise from expert on accounting standard pertain to revenue recognition.
Case :
Responsibility of transportation of goods lies with supplier. Customer will inspect goods at supplier factory and instruct to supply to their location. It will take 1 week to reach customer location.
My query - when supplier need issue e invoice - whether at the time of removal or reaching at customer office.
i need advise from Accounting standard of revenue recognition and compliance with gst.
I need advise from expert on accounting standard pertain to revenue recognition.
Case :
Responsibility of transportation of goods lies with supplier. Customer will inspect goods at supplier factory and instruct to supply to their location. It will take 1 week to reach customer location.
My query - when supplier need issue e invoice - whether at the time of removal or reaching at customer office.
i need advise from Accounting standard of revenue recognition and compliance with gst.
CA R SEETHARAMAN
(Expert)
16 March 2022
E invoice is to be issued at the time of removal after inspection and instruction by buyer to supply.
E invoice is required for transport as per GST Act.
Buyer has to recognise ownership of material only on completion of transportation by seller.
E invoice is required for transport as per GST Act.
Buyer has to recognise ownership of material only on completion of transportation by seller.
CA Puja Sharma
(Expert)
16 March 2022
Yes E Invoice have to be issued at the time of removal of goods for transportation to the customer.
In case where E-invoice is applicable. The invoice will be treated as invalid if it do not contain the IRN and QR code.
In case where E-invoice is applicable. The invoice will be treated as invalid if it do not contain the IRN and QR code.
16 March 2022
Dear sir,
Now it is year ending. when supplier to recoginse revenue.
during removal or after delivery of good at customer place.
Now it is year ending. when supplier to recoginse revenue.
during removal or after delivery of good at customer place.
CA R SEETHARAMAN
(Expert)
16 March 2022
After delivery of good at customer place.
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