high sea sale and Purchase
SUMIT KARESIA (155 Points)
08 March 2019
Sir if A import goods and sold it on high sea than how A show purchase in his account and what would be rate and Date?
4 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 08 March 2019
Can enter on the date when the Agreement to sell is made , or date on Bill of Entry
pritesh
(CA Final student)
(7101 Points)
Replied 08 March 2019
As per New Amendment Act 31, 2018, being Notified by Notification 2/2019, The High Sea sale is included in Schedule III , hence it's neither supply goods nor supply of service.
Can be shown in 3B under table 3.1 Non GST outward Supply & in GSTR under table 8
Can be shown in 3B under table 3.1 Non GST outward Supply & in GSTR under table 8
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 08 March 2019
Thats correct Pritesh ji
But in books the entries for same is required for Income tax purposes.
So the Original importer is required to Enter purchase in books of Accounts
pritesh
(CA Final student)
(7101 Points)
Replied 08 March 2019
Yes pankaj ji aggred with your point.
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