1.

How Open Sales Order And Open Purchase Orders Will Get Accounted In The Context Of Shifting To Gst?

Answer»

There would be LOT many open purchase orders and sales orders AVAILABLE on the date of GO live for GST. It may happen that we may have to close the existing open orders which are not executed or partly executed. In such cases the customers must re-negotiate with their vendors when It comes to GST because Tax rate is also going to get changed and there will be impact on landed cost of MATERIAL or services and the rates may increase or decrease. After the re-negotiation, the open purchase orders and sales orders Will be closed and fresh orders need to be created in the system.

There would be lot many open purchase orders and sales orders available on the date of Go live for GST. It may happen that we may have to close the existing open orders which are not executed or partly executed. In such cases the customers must re-negotiate with their vendors when It comes to GST because Tax rate is also going to get changed and there will be impact on landed cost of material or services and the rates may increase or decrease. After the re-negotiation, the open purchase orders and sales orders Will be closed and fresh orders need to be created in the system.



Discussion

No Comment Found