EASYOFFICE
EASYOFFICE

Local purchase committee

This query is : Resolved 

03 April 2019 Respected Sir,

Our Organisation is Govt PSU and GFR 2017 Rule 155 we have constituted local purchase committee to purchase some items costing below 250000 but after GST the total cost exceeds 250000 as mentioned in GFR Rule 2017.

My query is that the limit prescribed in GFR 2017 against LPC is excluding taxes or not. If Yes. Plz provide some written document to satisfy the Auditors also.
Thanks,
Himanshu

04 April 2019 The GFR uses the term purchase value. The purchase value for the organization that will be debited to Purchase Accounts is the total cost of the item incurred up-to the final point of receipt of the goods (means to include basic cost plus any custom duty, GST, freight and unloading charges incurred) minus the applicable GST input credit, if any. So, the limit of 2.5 lakh would mean the total cost after netting of any applicable input credit. Hope this is clear.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries