Yasaswi Gomes new (Finance ) (4514 Points)
24 April 2023Hi,
Since we all upload consignment value as per section 15 provisions to generate e invoices, irn or manually generate e-way bills. Once the delivery is complete, will the invoice close off? And is this consignment value used here in tax portals used for calculating corporate tax assessment?
Txs
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 24 April 2023
I am not sure what you wish to ask by Invoice Close Off. However, as per my understanding of your further query, taxable values mentioned on the GSTN portal can be used by GST authorities during assessments. Even other authorities can also take reference of it for multiple purposes.
But, if you are sure about the differences in GSTN portal values and books of accounts, there will be no issue.
Reconciliation will only help.
Please feel free to add on further, if required.
Regards
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 25 April 2023
I'm sure this is what happens then. The consignment value is nothing but invoice value and I was wondering if it is used for tax assessment. I was also under the impression that goods are dispatched per order and it becomes a consignment. What ever transactions happen will be recorded (credit notes from seller) in gst portal and can be helpful in assessing current taxes . I'm clear now.
CAclubindia
