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Valuation of sale made between related persons, Goods and Services Tax - GST |
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Valuation of sale made between related persons |
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Dear Experts, As per GST provisions, if ITC is available to recipients , any transaction value is considerable even between related persons. Please enlight, is there any GST evasion if firm A ( Husband proprietor) issued invoices to firm B ( wife proprietor) when firm B feels lack of ITC or vice versa? Both the firms are registered at same address. Is transactions between A& B are dubious in nature? Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
If the transaction is genuine then input tax credit is eligible subject to condition under Sec.16 and Sec. 17.
It can be decided only the nature of transactions between the parties are indicated.
Invoice to be issued between A and b only when there is any supply. Without supply issue of invoice will not be correct in law. Also refer Orissa High court decision in the case of JSW Page: 1 Old Query - New Comments are closed. |
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