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TMI BlogFree of Cost material under GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... We are manufacturing of Pharmaceutical Machinery registered under GST Act. In routine course we require to send material for free of cost to our customer. While sending the FOC material we will charg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed GST as per law with tax invoice. In this case we are not recovering any cost from our customer also we are costing the material 110%. My question is that invoice we will prepare for the above tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... saction what type of precaution we will take so that our finance department is not debited the amount to customer account and follow up for payment. - Reply By KASTURI SETHI - The Reply = Taxable va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lue should not be less than that of similar goods available in the market. - Reply By CS SANJAY MALHOTRA - The Reply = No GST is leviable in case of FOC material, only Input Tax Credit needs to be r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eversed as per Rule 17(5) of CGST /SGST Act. FOC material is to be cleared on Delivery Challan. - Free of Cost material under GST - Query Started By: - SURYAKANT MITHBAVKAR Dated:- 15-7-2017 Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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