Please clarify whether the above
adjustments are allowed under GST regime where one Vendor is your Supplier as well as Customer also I. e. where you are doing purchases as well as Sale transaction with the same Vendor.The volume of sale and purchase is very high in terms of Qty.as well as Value.
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Adjustment of recovery against payments in regular course of business
Replies (9)
Adjustment not applicable about Taxation... You can adjust your accounts values with Sales and Purchase for your Customer/Supplier...
In IDT (GST) you must show the Details separately as Purchases in Purchase Annx and Sales in Sales Annx...
It means that only basic amount of purchase and sale can be adjusted .Amount of GST can not be adjusted in payment to Vendor.
It means you can adjust payments / receipts your supplier and also he is your customer.... It's just give and take policy..
But, I mean you will file as per your purchase and Sales details..
Sir ji it means For purchases I have to make payment and for sale I have to take payment from vendor separately.I can't make net payment to Vendor after adjusting my sale transactions.
No Ji...
You can Adjust for your vendor's activities wit You...
Ex :
Vendor supply Rs. 100000 and You supplied Rs. 75000. Then You adjust Rs. 75000 to Rs. 100000 and You can Pay Rs. 25000...
Dear Sir
Is there any rule or section under GST Act.,where it is specifically stated that you can adjust your sale transactions with purchase transactions after netting off and pay the balance payment to your vendor who is also your customer .
Is there any rule or section under GST Act.,where it is specifically stated that you can adjust your sale transactions with purchase transactions after netting off and pay the balance payment to your vendor who is also your customer .
It's common acctivities.....
Inwards and Outwards will be calculated as per transactions then payable/receivable the balance...
Thanks Sir for your valuable reply and advice.
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