Taxability of gold incentive received from supplier
This query is : Resolved
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.
XYZ(Supplier)
ABC received Gold incentive scheme(in kind) from XYZ. GST taxability from the Part of ABC. and journal entry.
10 December 2018
No more Taxability by receiver hand. The XYZ can't claim ITC for the Gold Purchase...
CA ANUBHAV
(Expert)
10 December 2018
please clarify the business of assessee and also clarify whether the same will be given as discount or its incentive only...
11 December 2018
ABC is a cement DEALER. xyz IS a cement supplier. Given as dealer's scheme.
CA ANUBHAV
(Expert)
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...
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