28 November 2016
In case of sale of tea through auction, according to the present system, Tax Invoices are issued by the auctioneer with their own VAT and Service Tax registrations. Account Sales and Form 12 of WB-VAT Act are issued by the auctioneers to the Sellers, so that they can take credit of the VAT deposited by the auctioneer.
It seems forms under VAT Act will be discontinued during the GST regime. If Invoicing is done by the auctioneer in the same manner, how will the Seller take credit of the tax deposited by the auctioneer on such auction sales?
Is it so that the Invoicing will need to be done by the Seller instead of the auctioneer?
10 June 2017
Tks for the reply Mr Jain In the auctioneer's bill to the buyer there would be price of the Tea as well as his brokerage separately. Would this be a Composite Supply? If so, what would be the Principal Supply to determine the rate of GST?
CAclubindia
