GST Tip – 242

As per Transitional Rules, if a job worker or agent is not registered under GST, then the principal has to file FORM GST TRAN-1 within 90 days from the appointed date, the closing stock held in form of inputs, semi-finished goods or finished goods.

GST Tip – 210

As per the Draft Determination of Value of Supply Rules, valuation in case of related parties or distinct parties or through an agent, the value of supply of goods or services or both is the open market value, if the same is not available then the value of same or similar quality of goods or services and in case if the same is not available then it can be derived based on cost plus 10%.

GST Tip – 132

In Annexe 2 of GSTR – 9B, the taxpayer has to furnish a reconciliation statement for the inward supplies made in a particular state to the financial statements with the following details, supplies for which consideration is paid, and under barter, supplies to related parties, transactions carried out as a pure agent or money exchanger and other supplier notified by the State and the Central Government from time to time, all these details should be provided in Section A.

GST Tip – 129

In Annexure 1 of GSTR -9B, the taxpayer has to furnish a reconciliation statement for the outward supplies made in a particular state to the financial statements with the following details, supplies made under barter, supplies to related parties, transactions carried out as a pure agent or money exchanger and other supplier notified by the State and the Central Government from time to time, all these details should be provided in Section A of Annexure -1.

GST Tip – 116

Under GST, a non-resident taxable person i.e a foreign person how is not having any fixed place of business in India has to obtain registration for the period of his business tenure in India, either in the capacity of principal or agent and file returns accordingly for the business transactions carried during that period i.e for inward / outward supply of goods and services and pay GST on it accordingly.