Question:-
Business A , new paper Company, purchase gift voucher worth Rs, 100,000 from Company B who deals with saris and garments of which gst on saris 5% and readymade garments 12% over worth Rs 1000/-
Now
1) what % age of GST will be charged by Company B on transaction of Rs. 100000, and what will be the HSN/ sac code?
Company A distributes the gift vouches of Rs 5000 denomination to its clients and employees who will eligible to redeem the gift voucher with company B within specified period.
2) Now Company B what should do?
a) what %age of GST will be charged or not or
b) Gifted amount will be adjusted from TAXABLE VALUE or Invoice value?
c) What should be the accounting entries for COMPANY B
CAclubindia
