Question
a) On 08.06.22 The DGFT issues an MEIS License of various shipping done in past.
Total FOB Value of these various Shipments -92,95,700 & its MEIS License Value RS.8,71,777 as per License received.
b) We Sold this license of Rs.8,71,777 on 09.06.22 at 85% in the Market to our Client for Rs.7,41,010/- by generating a TAXFREE sale invoice to a GST registered dealer.
c) We received the above license amt RS.7,41,010 from the above client on 10.06.22 in bank.

Summary
1st Here we received MEIS License of Value 8,71,777 (in the form of License) Date- 08.06.22
2nd We sold it in the market for Rs. 7,41,010 Date-09.06.22
3rd We recd the above amt 741010 in bank date -10.06.22

1. What would be the entries for all these three steps ?
2. Accounting entry should be in such a way that this Taxfree sale would reflect in GSTR-1 (remember there is no purchase its a license recd from DGFT (Govt)

Request for a detailed accounting entry step by step preferably if one would first practically try it in tally and then post a reply, as i called up tally customer care & many of the executive could not give a satisfactory solution to it..

"Running Of Hotel-
GST Having Rent slab Less than Rs. 1000 and More than Rs. 1000
Less Rs. 1000 Exempted
More Than 1000 Taxable @ 12%
Hotel having input from Annual Maintenance of Lift & Repairs
Input from Make My Trip Commission, Input from other purchases

My Querry is Can the Hotel avail of full Input credit from AMC, Repairs and other purchases.
The majority is exempted rent ie, less than 1000 per day"

Sir
Any GST tax applies on small purchases and services from small shops and garage services on Bolero vehicles. if applies what is tax rate and how to account. please suggest sir.
Thanks and Regards
S. Joshi

Sir/Madam, When The commission income amount of a DTH recharge voucher saler/retailer is the Gross Turn over in income tax, Then what is the Turn over in GST ? A Recharge voucher saler retailer purchases recharge voucher from a company,then he sales as B2C ,he shows the total sale amount of recharge voucher in GSTR1 at B2C table and He shows the commission amount Bill of sale recharge voucher in B2B (Commission claims to company) .So his Annual turnover as per GST return is very high than Income Tax gross turnover (there are only commission income amount is the turn over) .So, my question is, can he shows defferent turnover (In Income tax as per commission income amount And In GST as per sale recharge voucher total amount) in GST RETURN and income tax return?

Please given details about speculation business and turn over as per audit case

Respected Experts, we are footwear manufacturer & are selling to M/s Reliance Industries. We dispatch material to M/s Reliance through their own arranged vehicles, during quality checking of material they reject 2-3 Cartons in every consignment by acknowledging 98 Cartons (100 - 2 Rejected).

Total quantity of rejected cartons are around 40 Cartons, but we have only GRN copy but we have only GRN copy and they mentioned "Total Cartons" "Recd. Cartons" "Short Cartons". Now they advised us to pick this material. And we are planning to lift this material with the help of below docs :-
1) Delivery challan - We are both consignor & consignee
2) E-way bill
3) Self certified copy of GRN
4) Certificate on letter mentioning :- Original Inv. No., Dtd. Value, Carton & Rejected Carton.

Kindly suggest us that the above docs are sufficient or any other way to return back this material.

Regards,

Rakesh Sharma

what is the TCS limit on sale of scarp such as iron or brass.

New rate of GST 6%
or
5% converted in 6% and 5% still exist.

Hi,

1. If purpose of company to invest in chit fund is for obtaining fund for business purpose then while making subscription payment every month whether such payment will be treated as Investment or posted in current assets?

2. Any dividend received is adjusted again chit fund account or posted under profit & loss account?

Thank You

whether GST applicable on
Deposit/Security Deposit
or
Advances received