Benefit of Third Proviso to Rule 28 in case of actual consideration

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Benefit of Third Proviso to Rule 28 in case of actual consideration
Query (Issue) Started By: - Abhijeet Mane Dated:- 17-10-2024 Last Reply Date:- 25-10-2024 Goods and Services Tax - GST
Got 3 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Replies
GST
Hi If the Company A has recevied the actual consideration from related party (Let say 1000 Rs) for providing services. Related Party is eligible for Full ITC then also whether the Co .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... mpany A can take benefit of Third Proviso to Rule 28 and pay GST at any value including NIL Value Reply By Mary Bridges: The Reply: When Company A receives actual consideration from a related party .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... (e.g., Rs 1000) for services and the related party is eligible for full ITC, Company A can indeed benefit from the third proviso to Rule 28. This allows GST to be paid on any value, including NIL, as .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... long as the recipient is eligible for full ITC. Billing Software simplifies the invoicing process and ensures you're compliant with GST rules! Reply By Shilpi Jain: The Reply: If the recipient i .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s eligible for full ITC then certainly nil is also a possible value. Circulars have clarified this view. Reply By Tarun Agarwalla: The Reply: I hope we may read 2nd proviso to rule 28(1) in place of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... third proviso. thank you
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X