Taxability of gold incentive received from supplier

This query is : Resolved

SUNIL KUMAR PATTUVAKKARAN (Querist)
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10 December 2018 ABC(Firm)
XYZ(Supplier)

ABC received Gold incentive scheme(in kind) from XYZ. GST taxability from the Part of ABC. and journal entry.

RAJA P M

RAJA P M (Expert)
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10 December 2018 No more Taxability by receiver hand. The XYZ can't claim ITC for the Gold Purchase...

CA ANUBHAV

CA ANUBHAV (Expert)
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10 December 2018 please clarify the business of assessee and also clarify whether the same will be given as discount or its incentive only...

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SUNIL KUMAR PATTUVAKKARAN

SUNIL KUMAR PATTUVAKKARAN (Querist)
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11 December 2018 ABC is a cement DEALER. xyz IS a cement supplier. Given as dealer's scheme.

CA ANUBHAV

CA ANUBHAV (Expert)
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12 December 2018 if such scheme was drafted prior to movement of goods and you present the same as discount then credit/debit not will be issued by parties having GST impact therein and if it's incentive then it will be taxed... ABC will not pay tax in case of incentive...

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