CAN INCOME TAX RAISE OBJECTION ON OVER INVOICING OF GOODS?
RATES COMPARED IN GENERAL MARKET ARE 30-35% LOWER.
UNDER WHICH SECTION INCOME TAX CAN TAKE ACTION?
CAN INCOME TAX RAISE OBJECTION ON OVER INVOICING OF GOODS?
RATES COMPARED IN GENERAL MARKET ARE 30-35% LOWER.
UNDER WHICH SECTION INCOME TAX CAN TAKE ACTION?
OUR INVOICING IS HIGHER
GOODS ARE PACKAGING GOODS, AND IS SUPPLIED TO ONLY 1 COMPNAY AT 35% HIGHER RATES.
| Originally posted by : sabyasachi mukherjee | ||
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It's under the purview of gst act not income tax act. |  |
Okay Officer...
Over invoicing to related party is prohibited under income tax laws. Refer section 40A(2)(b) of Income Tax Act.
As far as GST Law is concerned, over Invoicing will not be an issue whether for related person or not. Only under Invoicing is prohibted under GST law if purchaser is not eligible for full ITC.
sabyasachi mukherjee ---- Someone please ban this guy ... i have been fed up reading the half baked replies
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