In case of cement
Purchase price say 100 + GST
Stockist receive at purchase price at 100 and credit note for rs. 5+GST and rs. 5 without GST.. effective price 90...
Stockist billed to dealer at 92+GST and reverse the ITC of rs 5 credit note...
In this case stockist left with .84 paisa GST as input...
Is it right or wrong...and what should do with left ITC.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
