Cons of Buying AC on friend’s GST, need sugges
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As ac is having 28% gst, i am thinking to get air conditioner on my friend’s gst number(having business of distributors of hindustan uniliver ltd). I want to know if there are any cons for getting the same.
The input credit they got in their account will stand for how much time? At any time he has to pay the gst back to govt? Or in records will the ac unit stand for evee in their records?
Jab kabhi ac khrab ya khatm ho jayega toh kya gst dena padega wapis govt ko jo input credit mein aya ha!
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He will have to show it as an asset along with depreciation for 5 years I guess..
If he is such a good friend of yours that he is willing to make a bogus entry in his asset register for the purpose of gst return filing then only do this(make sure your friend knows this because this is what he will have to do).
Do any authorities check asset register? Can any one buy an item which he doesn’t want to resale, but usable for his business!
It will have to be accounted for in his assets list and will follow suit like all other assets on record. As for the scrutiny aspect, for small players it used to be a fishing game in the past, so purely luck based, but now with AI things are different.
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That 28% gst will get adjusted in gst what he have to pay to govt . Basically he will be able to pay his gst tax using that credit from ur purchase