S1: Under GST, the 'Time of Supply' for goods supplied on an approval basis is 6 months from the date of removal. S2: If the goods are not rejected within 6 months, the time of supply is the date of removal. Which statement(s) is/are correct?
Explanation:
Section 12(6) of the CGST Act states that for supply on approval, the time of supply is 6 months from the date of removal, or the date of invoice if earlier. If not rejected within 6 months, it is the date of removal. Both are correct.
Explanation:
The loss reduces the stock (Credit Trading A/c). Being an uninsured abnormal loss, it is transferred entirely to the debit side of P&L A/c.
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