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Purchase and sale from same person

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1 Points Posted on 30 May 2020
if purchase and sale is done with the same person can account of the party be adjusted on net basis or that should be settle on gross basis
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On 30 May 2020 at 13:44 Report
Replies (3)
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Ca Article
354 Points Posted on 30 May 2020
Yes you can settle in on net basis.
2 Reply
On 30 May 2020 at 14:09
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Student
23688 Points Posted on 30 May 2020
You can settle it on NET BASIS. No problem. But kindly ensure that the correct rate of GST is applied on correct Taxable/Transaction Value.
97 Reply
On 30 May 2020 at 15:27
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GST Practitioner
55067 Points Posted on 30 May 2020
Yes can be maintained under one Account .
301 Reply
On 30 May 2020 at 23:45


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