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Packing Material A/c treatment
Sir, Packing materials used for both Taxable and Exempted goods. My query is for Sales Turn over 1) Is to reverse that input for Exempted sales Turn over proporationate ly..? 2) Suppose want to reverse what will be the accounting treatment? Either book under expenses or under stock or else...plz clarify..
Replies (2)
Aggregate Turnover = Taxable Supply ( No RCM )
Exempt Supply
Export supply
Inter-sate supply
Same pan and will be computed on all India basis Without CGST ,SGST , UTGST , and IGST .
So while calculating aggregate sale Turnover , you have to Include both Taxable & Exempt Supply .
For exempt supply the amount of itc taken on packing materials is to reversed I.e first take full itc then reverse the proportionate itc of exempt supply but while calculating turnover u have to include exempt and taxable both
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