Please Help: consignment sale
Posted Date : 19-Jan-2012 , 05:27:51 pm | Posted By: Saurabh Goyal
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VAT | Answers :
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how can we book the consignment sale. if we make consignment sale to delhi and receiver at delhi sale the goods and send the same to consigner at more or less amount then the consignment sale bill. Now the question is how the consigner have to book the consignment sale ( i.e whether the sale is to be book at consignment bill or at the amount of bikri send by the consignee. |
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 Answer by: Ashish Karundia |
| Dear Saurab,
It appears from your query that in the instant case, the consignor sells the good to consignee at Rs. X (for example Rs. 100) and thereafter the consignee sells back the same goods to consignor at Rs. Y (for example Rs. 110 or Rs.90).
It may be noted that in such a case the sale by the consignor to the consignee has to be booked at Rs. 100. However, it may be noted such a transaction may be a sham transaction in which case the implications needs to be analysed.
Hope the above suffice. Further, it is requested to mention that whether the sale is a local sale or an inter state sale.
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| Answer by: Ashish Karundia |
| Dear Saurabh,
Please note that Form F is used for stock transfer of goods and not for sale as per Section 6A of the CST Act, 1956. However, it appears that Y of Delhi is acting as an consignment agent for 'X' on whose behalf the goods are sold by 'Y' in Delhi. If this is the fact,then in such a case 'X' sales at the amount at which it is sold by 'Y' in Delhi.
Hope the above suffice.
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| Answer by: Mrattunjay |
| simple use Form F and booking as per procedures
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| Answer by: Rambabu Senkarasetti |
| I agree with the above answers.
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| Answer by: Rambabu Senkarasetti |
| I agree with the above answers.
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| Comments |
| Posted By : Saurabh Goyal |
20-Jan-2012, 06:11:18 |
| dear ashish the facts are as follows
X of chd make consignment sale to y of delhi against F forms. then Y sold the same goods in delhi and send the bikri to Mr. X of Chd. Now my question is at what amount sale shall be booked by Mr X in his books. |
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