sales returns in gst regime

[Guest]

what is the status of sales returns in gst regime

thanks

[MUKUND THAKKAR]

will revert back after GST regime. it is premature stage giving any input...

[YAGAY andSUN]

DUTY PAID GOODS RETURNED TO THE PLACE OF BUSINESS ON OR AFTER APPOINTED DAY

Duty Paid Goods are at time of removal not being earlier than 6months, returned to any place of business or to supplier

[YAGAY andSUN]

No Tax shall be payable thereon if such goods are returned within period of 6 Months from appointed day & such Goods are identifiable to satisfaction of proper officer.

[DR.MARIAPPAN GOVINDARAJAN]

I endorse the views of Shri Mukund

[Ganeshan Kalyani]

Sir, the replies posted by experts are based on Draft GST Model which will undergo changes. Hence we would request your good self to such time. Thanks.

[Ganeshan Kalyani]

Sir, additionally my view is that the impact of GST is depend upon the nature of business , type of transaction , local or interstate of stock transfer or consignment transfer. The Govt is planning to conduct trainings on GST. Thanks.

[YAGAY andSUN]

The very purpose of Model GST Law is to create awareness in all stakeholder, revisit their business related transactions for doing the homework, bracing for GST. Since, it is Model GST Law, obviously, it shall be modified to an ACT.

So, there is no harm in seeking questions on GST for explore the potention solutions to be ready for implementation of GST well in time.

[Ganeshan Kalyani]

Yes I agree with your sir. It facilitates time for the assessees to prepare for upcoming GST. Assessee should start doing the impact analysis of their business under upcoming GST based on Draft Model GST Law. It will give some basic idea. Thanks.

AI Summary

Sales returns under GST: draft model exempts tax for duty-paid goods returned within a limited period when identifiable; may change. The Draft Model GST treats duty-paid goods returned to business on or after the appointed day as conditionally non-taxable if returned within a specified limited period and if the goods are identifiable to the satisfaction of the proper officer; experts stress the draft is subject to change and advise businesses to perform impact analysis and prepare for GST accordingly.