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GST treatment for CONSIGNMENT SALES
- In the case of consignment goods, the basic tax point with regard to the time of supply is at the time when it becomes certain that the taxable supply has taken place or twelve months after the removal of goods, whichever is the earlier.
- 22. Consignment sale is a trading arrangement in which a consignor sends goods (consignment goods) to a consignee who pays the consignor only when the goods are sold. The basic tax point for consignment goods is the date of sales statement issued by the consignee or twelve months after delivery date of the goods whichever is the earlier.
- 23. If the consignor issues a tax invoice within 21 day from basic tax point, then time of supply becomes the date of tax invoice issued. However if tax invoice issued after 21 days period, then the time of supply is the basic tax point.
Wavelet EMP Configuration and Process Flow
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2.1 Control Panel > System Admin > EMP Configurations > Trading
Account Payable Not Due GL Short Hand: Select: accPayableInTransit
2.2 Control Panel > System Admin > EMP Configurations > Procurement >
Supplier Consignment GL Short Hand > Select: suppConsignmentStock
Supplier Consignment Variance GL Short Hand > Select: consignmentStockVariance
3. Received Consignment Stock from Supplier
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8. Supplier Consignment Stock Movement Report
Procurement > Supplier Consignment > Reports > Consignment Stock Card Report
9. To view particular date report (e.g Balance as at 31 March 2015)
Procurement > Supplier Consignment > Reports > Supplier Stock Balance Historical Report
