Pure agent gst

This query is : Resolved

INDRANIL BASU (Querist)
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28 March 2019 There is a matter of Auto Rickshaw Dealer ,their sales bills as follows SELLING TO REGISTERED BUYER

Auto Rickshaw 120000
Insurance 20000
Registration at Rto 10000

GST rate is 12 %

Current billing process
Auto Rickshaw 120000
GST 14400
Insurance 20000
Registration at Rto 10000

TOTAL INVOICE VALUE 164400

ABOVE CONCEPT BASED ON PURE AGENT OF ( WE HAVE AGREEMENT FOR PURE AGENT MATTER ) RULE 33
Insurance 20000
Registration at Rto 10000
PROBLEMS WE ARE FACING CURRENTLY
IN GSTR 1 WE WRITE AS FOLLOWS
TAXABLE VALUE 120000
GST 14400
INVOICE VALUE 164400(120000+14400+20000+10000)

NOW DEPARTMENT IS ASKING FOR REVERSAL OF EXEMPT SUPPLY FOR 30000 AS FOLLOWS
Insurance 20000
Registration at Rto 10000
ON OTHER SIDE THE BUYER IS FACING THE BELOW PROBLEM
THE BUYER IN HIS GSTR 2A HAVING TWO BILLS
OUR BILL RS 164400
AND INSURANCE COMPANY BILL 19000(TAXABLE VALUE ) +1000(GST) = 20000 SHOWING

NOW IN REGISTERED BUYER GSTR 3B
ONE INPUT RS 14400+1000 (INSURANCE)
AND INWARDS NIL RATED SUPPLY 30000

SUGGESTION WE RECEIVED TO BILL CUSTOMER
Auto Rickshaw 120000
GST 14400

AND THE FOLLOWING AS REIMBURSEMENT EXPENSES
Insurance 20000
Registration at Rto 10000

BUT IN THE SUGGESTION THE PROBLEM IS THAT - THE BANK FINANCE IS CURRENTLY GOING ON 164400 BUT IF WE TAKE THE SUGGESTION THE BANK FINANCE WILL BE 134400 BECAUSE BANK MANAGER IS CONSIDERING THE INVOICE VALUE

PLEASE GIVE ME THE SUGGESTION ,WE MUST HAVE TO SHOW INVOICE 164400 FOR FINANCE

Regards,
INDRANIL BASU
Contact no. +91 7003556438
cmaindranilbasu05@gmail.com

Shashikant Varshney

Shashikant Varshney (Expert)
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29 March 2019 Raise a invoice of only the value of Rickshaw. and issue a payment receipt for other things. Because you are agent between Insurance Company and Buyer. You take the payment and give it to insurance company or registration fee.