10 December 2018
CLIENT IS DEALING IN RETAIL AS WELL AS BROKERAGE BUSINESS UNDER SAME TRADE NAME AS A PROPRIETOR. WHETHER GST ITC OF RETAIL BUSINESS BE ADJUSTED WITH OUTPUT GST OF BROKERAGE BUSINESS.
10 December 2018
You are saying that you are running a retail business but at the same time you are reflecting some brokerage income in your P/L account also as an indirect income...This is possible in GST also and you can do both business with same trade name.. In that case you need not calculate ITC of retail business and ITC of brokerage separately and you can adjust ITC of retail business with the output tax liability of brokerage income..
Querist :
Anonymous
Querist :
Anonymous
(Querist)
11 December 2018
Thank you so much for immediate response sir.Are you sure it can be done this way? Can you give any reference for the same ? Any relevance in any section will be very useful.
CAclubindia
