Vendor make payment direct to my supplier
This query is : Resolved
25 April 2019
Hi,
We have Received an order from Merchant Exporter for Supply of Goods. we have purchased raw material from Vendor specified by him. The Vendor has raised Tax Invoice to us. We have provided the Fished goods to Exporters in time.
Now, The Exporter has paid our Vendors for the Invoices which vendor has raised in our name. The Exporter has given us the Letter of Payment to Our Vendor against our Purchase Invoices and has deducted the amount due to us for the order.
can we pass the JV for the Tran section?
How to Show the same in GST ?
Is the same allowed according to Income tax Laws (We are a registered private limited Company)
kindly guide for the same ASAP
Gaurang
We have Received an order from Merchant Exporter for Supply of Goods. we have purchased raw material from Vendor specified by him. The Vendor has raised Tax Invoice to us. We have provided the Fished goods to Exporters in time.
Now, The Exporter has paid our Vendors for the Invoices which vendor has raised in our name. The Exporter has given us the Letter of Payment to Our Vendor against our Purchase Invoices and has deducted the amount due to us for the order.
can we pass the JV for the Tran section?
How to Show the same in GST ?
Is the same allowed according to Income tax Laws (We are a registered private limited Company)
kindly guide for the same ASAP
Gaurang
25 April 2019
1 yes pass JV.
2 Show it as your purchase under GST and claim ITC.
3 Yes it's allowed under income tax laws.
2 Show it as your purchase under GST and claim ITC.
3 Yes it's allowed under income tax laws.
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