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CONSUMABLE STOCK GST
we are in the business of selling ink for printers. in the course of doing business we also use some ink in our premises which is used as demo for showing to our buyers. what should be done to gst taxes
Replies (6)
Nothing to do..... Same is taxable when you sale goods in which such ink is used...
NOTHING TAX TO BE REVERSED ON CONSUMABLE INK WHICH IS NOT SOLD TO CUSTOMERS AND USED IN OUR PREMISES????
there is no need to reverse itc as inputs used exclusively for business purpose.
No u have reverse the ITC as for demo u are not charging anything means u r giving free so as per section 17(5) , itc has to be reverse in proportionate to Free
Not providing free....... Such goods are consumed in taxable goods....
good clarification and information
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