Respected Sir/ Madam,
I have sold scrap on high sea sales in the month of march (Highseas Sales is a non-GST item) and in month of June when goods were still on high seas, I issued a credit note to cancel the sales.
Now I have made a mistake in that, credit note is shown as a negative figure in the month of June in GSTR-1. As GSTR-3B is not considering negative figures the same is not shown in 3B. Now my question is how to resolve this issue, should I deduct the amount of taxable income or should I show it in GSTR 9C?

Sir,

One of my client was proposed to deal in trading of laminated plywood. But, the client does not have its own processing division for the same. But in the near locality, there was one or more processing unit doing laminated coating to plywood. The processing unit does not have the laminated coating material as required for our specification. So, we have to purchase the laminated material from the supplier and store the same in the client own factory and send to the processing unit as and when necessary. The correct process flow was that our client have to send the coating material to the processing unit, the have to apply the coating process to the plywood in their custody and deliver the laminated plywood to the client by GST invoice. Whether the transfer of coating material to the processing united regarded as job work under GST?. Whether I have to send the coating material to the processing unit by GST invoice or delivery challan?.

Hi Sir/Madam,

After purchasing of the stock our supplier issues the schemes on sale like Rs.1000/- or 2000/- on each product. They had given 8% margin at the time of invoicing and the same margin 8% has deducted in issuing the credit note.
For example:
Market Operating Price: 9999
Basic Price: 8928
Margin 8% : 714
Invoice Price is ( 9999-714 ) = 9285 ( inclusive of gst)

Scheme issued 1000/- for each product then the calculation as given under
Scheme amount = 1000
Basic : 847.45
Margin 8% : 67.79
Credit not given : 932 ( 1000-67.79) inclusive of gst

Target linked credit note: They said you achieve the target on purchase then get additional 1%
calculation as under.
Total Purchase : 1,00,00,000 (Incl.Gst)
Base value :84,74,576/-
Gst @ 18% : 15,25,423/-
1% Calculated on Base value : 84,745/-
They are given the credit note 84,745/- inclusive of gst

Please suggest the above calculation is correct....

Any one please
If company did not withdrawn the cash from bank has it impact in accounts?
How to book expenses?

Hello Members,

I pay rent above INR 50,000 for my property. As per the Income Tax rules, I am supposed to deduct 5% TDS on the rental payments if the same exceeds. 50,000.
I got to know that owner is a NRI and thus provisions of section 195 would apply. However owner has never communicated the same to us in any ways like :
The rental agreement shows his permanent address of India Location only.
The bank account wherein the deposit is being done is Savings account wherein I deposit the rent on monthly basis.
Few Queries on the above :
1. Can I assume the owner to be a resident as there is no upfront communication from his end specifically about this status as NRI? Going with the above assumption, can I deduct TDS @5% as per the applicable rates?
2. Any repercussion for me if I failed to deduct tax as per the provisions of section 195.

Regards

The date of birth of one of my clients is 19.03.1948, He has received and to be received up to 31.03.2023 dividend worth Rs.780360/- U/s 194K and tax deducted (with to be deducted) is Rs.78036/- as on 31.03.2023. He has invested Rs. 79140/- towards mutual fund as well as purchased NSC worth Rs.150000/-, per U/s 80C. He has got PF pension income worth Rs. 26380/- as on 31.03.2023 also. Will he have to submit a return of income for the A.Y. 2023-24 per U/s139 as usual? Is U/s 194P applicable to him? Kindly send your valuable opinion. Regards, Tarak Kumar Roy, 150/1/1, Banerjee Para Road, P.O. Naihati-743165, 24-Parganas (N), West Bengal.

Sir,
A registered jewellery business dealer notice received from gst department sec 15 rule 28 under declared turnover treatment mentioned below
Dealer purchase of jewellery transaction daily rate at market
Dealer sales of jewellery transaction daily rate at fixed price selling to customer
Question:
Dealer purchase rate at market and sale rate fixed price under declared turnover treatment in gst act.

I am the managing Director of a Private limited company which is closely held. My husband, sons and I are the Directors.
Now I have got some 15 acres of landed property. I want to assign equal acreage of land to my sons who are the Directors enabling them to develop on their own by setting up business or manufacturing hubs.

Articles of association permits such transactions and if needed I can modify the clause.
Please advise as how I should carry out this as I want to settle the issue as early as possible, satisfying both parties, Tax and Children. I should not also be burdened.
Thanks.

ONE TAXPAYER IS ALREADY REGISTERED UNDER GST A/C WITH BUSINESS ACTIVIES : SERVICES PROVIDER (WORKS CONTRACT). BUT HE IS GOING TO BE DOING ANOTHER ACTIVITIES WHICH IS EXPORT (EXPORT OF ANY ITEMS).

PLEASE ADVISE ME THAT IS IT HE REQUIRE TO TAKE NEW GST REGISTRATION WITH SAME PAN NO. ? OR IS THIS FINE TO DO BOTH BUSINESS ACTIVITIES WITH ONE GST REGISTRATION NO..??

Can I claim fully (One Installment) Input Tax Credit on purchase of Capital Goods where the business is completely involved in supply of taxable goods ?