https://www.taxtmi.com/circulars?id=61444 Scope of the principal agent relationship under Schedule I hinges on invoicing: if the supplier issues the invoice the DCA is not an agent, if the DCA issues the invoice in his own name he is an agent. If not an agent, the short term credit extended by the DCA is an independent supply of financial services and interest charged is not part of the value of the supplier's goods. If the DCA is an agent and pays the principal on buyer's behalf, the credit is subsumed into the DCA's supply of goods and interest must be included in the value of those goods under the valuation provisions. en-us Wed, 14 Nov 2018 00:00:00 +0530 Tue, 11 Jun 2019 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=61444 Scope of the principal agent relationship under Schedule I hinges on invoicing: if the supplier issues the invoice the DCA is not an agent, if the DCA issues the invoice in his own name he is an agent. If not an agent, the short term credit extended by the DCA is an independent supply of financial services and interest charged is not part of the value of the supplier's goods. If the DCA is an agent and pays the principal on buyer's behalf, the credit is subsumed into the DCA's supply of goods and interest must be included in the value of those goods under the valuation provisions. Circulars GST - States Wed, 14 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/circulars?id=61444