on 08-14-2017 5:27 PM
Hi ,
We want to Go for Free of Cost item Purchase . Users will want capture the GST ONLY for this item in the MIRO .for reporting purpose .
Normally if an item is checked Free of cost in PO , system will remove the conditions Tab making a Base Zero , there by the TAXINN Tax Code will not return any Tax ..
However with a PO under GST circumstances is there a WAY to achieve like in the Taxes screen of the Invoice Tab like Net - 0 and Tax -- say 10 INR , so that during MIRO system will post the Tax only . .
Intention is to capture the GST through Purchasing module with out FI direct posting for a Free Item .
Regards,
Is this gap decided by your government now?
this is a relative new article and it looks still pretty open and left to the interpretation of tax consultants, lawyers and judges:
http://www.consultease.com/taxation/gst-in-india/free-samples-and-promotional-items-in-gst/
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.
Hi . Jurgen ?
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.
Hi Gurus ,
Anything ?
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.
Hi,
Thank you .
Per User as per GST norms they need to maintain the GST on the Free item purchased and accordingly need to show this to authorities and for its subsequent claim .as availing .
and hence for the quantity they receive the material as free , the GST to be captured on that quantity
Regards,
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.
Hello
I think same the scenario is illogical ,
the GST wont be liable for the FOC material , if the vendor is paid it under manufacturing purchase then they can reverse the credit at their end.
please correct me if I am wrong. this is what my understanding is.
thanks
kUnal
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.
The scenario seems illogical to me.
If you purchase any material with free of cost, then there is no expectation of invoice from vendor.
Then how GST will be applicable for this scenario?
Can you please explain your expected accounting entry for this scenario.
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.
User | Count |
---|---|
96 | |
10 | |
9 | |
5 | |
3 | |
3 | |
3 | |
3 | |
3 | |
3 |
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.