In section 143 of CGST ACT 2017, they have added one explanation which says as follows"for the purpose of jobwork, any input includes intermediate goods arising out from Any treatment or process carried on the inputs by principal or jobworker"
As per section 2(59) of the CGST ACT 2017 inputs means"any goods other than capital goods used or intended to be used by supplier in the course or furtherance of business"
When inputs already includes all types of goods why have they provided separately the explanation that inputs includes intermediate goods?
2 Replies
Amarjeet jasiwal
(student)
(147 Points)
Replied 13 January 2018
it means input on which already work has been done by either principal or another job worker , which make that input intermediate goods i.e WIP , it will still be input for you.. it means not only raw material supplied by principal is input for you, even WIP will be considered as input.
hitesh
(Student)
(183 Points)
Replied 13 January 2018
But in GST there is no concept of WIP, Also WIP is considered as inputs only as per section 2(59)?
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
