If the fees charged by a CHA is 5 crores & the reimbursement is more than 50 crore, whether the turnover is considered 5 crore or more than 50 crore (sometimes the reimbursement is mre than actual expense). This is for the purpose of applicability of ASs
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Applicability of accounting standards
Replies (5)
why is there such a huge diff. What does teh reimbursement consists of?
In CHA service, the cha takes money from their clients & incurrs expenses such as shipping charges on behalf of them, & for that service it charges some small fees
But at time of reimbursement sometimes they take even reimbursement of those expenses which are not incurred
then how does the re-imburser re-imbruses the expenses without production of bills.
moreover if they take charge huge amounts then thye would be definitely liable to pay ST on these amounts.
Simply by giving same biils to many parties & it pays te ST to govt on excess amt recd. But what wiil be turnover for AS applicability
it would be the amount actually received by the assessee from the parties. It's fine that they are paying ST to the govt.
In your case it would be 50cr
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