Taxability of gold incentive received from supplier

Save Share

This query is : Resolved

SUNIL KUMAR PATTUVAKKARAN (Querist)
Follow

10 December 2018 ABC(Firm)
XYZ(Supplier)

ABC received Gold incentive scheme(in kind) from XYZ. GST taxability from the Part of ABC. and journal entry.

RAJA P M

RAJA P M (Expert)
Follow

10 December 2018 No more Taxability by receiver hand. The XYZ can't claim ITC for the Gold Purchase...

CA ANUBHAV

CA ANUBHAV (Expert)
Follow

10 December 2018 please clarify the business of assessee and also clarify whether the same will be given as discount or its incentive only...

SUNIL KUMAR PATTUVAKKARAN

SUNIL KUMAR PATTUVAKKARAN (Querist)
Follow

11 December 2018 ABC is a cement DEALER. xyz IS a cement supplier. Given as dealer's scheme.

CA ANUBHAV

CA ANUBHAV (Expert)
Follow

12 December 2018 if such scheme was drafted prior to movement of goods and you present the same as discount then credit/debit not will be issued by parties having GST impact therein and if it's incentive then it will be taxed... ABC will not pay tax in case of incentive...

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now