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selling goods less than cost
if a trader has purchased good for Rs 100 and paid gst rs 10 and now the selling the same goods for Rs 50 and collected gst Rs 5..will the trader be able to claim whole Rs 10 as input tax credit or not ????
Replies (5)
Yes u can claim ITC of INR 10.....
Adjust ITC INR 5 in with your liabilitie and bls carrd forword.
You got ITC for purchases made and you have to pay tax for sales done. Simply use ITC to offset the tax liabilities. It does not matter what you have sold, at what price and what rate.
please give reference of provision
https://cleartax.in/s/gst-penalties-and-appeals
what is this..its about penalties
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