AS 7

Can CGST credit can used to set off with IGST CREDIT.??

K Vamshi

CA Final

★ 14K+

10-Nov-22 12:00

Yes, Igst credit can set off

Monish Harikrishnan

CA Inter

★ 26K+

10-Nov-22 12:06

Ans pls..

Thread Starter

sarvani musti

CA Inter

★ 5

10-Nov-22 13:09

In the question they specified that sub contract amt is 7 lakhs,so that is the cost of sub contract. For that 7 lakhs,they had paid 4 lakhs in advance. We want only the cost of sub contract. That advance is payment to sub contract

Monish Harikrishnan

CA Inter

★ 26K+

10-Nov-22 13:14

Thank you ð???

K Vamshi

CA Final

★ 14K+

10-Nov-22 15:13

Thanks

Thread Starter

sarvani musti

CA Inter

★ 5

10-Nov-22 15:14

Long term capital gain on sale of agriculture land is exempt or taxable.??

K Vamshi

CA Final

★ 14K+

10-Nov-22 15:15

Agricultural land in Rural Area in India is not considered a capital asset. Therefore any gains from its sale are not taxable under the head Capital Gains but long term gain on urban agricultural land is TAXABLE

Monish Harikrishnan

CA Inter

★ 26K+

10-Nov-22 15:35

Pls post different questions as different post. In case of AS-7 related question, advance payment is not cost.

CA Suraj Lakhotia

Admin

10-Nov-22 17:17