Consignment Stock 讨论

simonhuang

1) As consignee, can I claim GST after stock received from consignor?
2) As consignment stock, the stock will not be shown on the asset of consignee. Where can I record it?
3) Returning consignment stock, do I need to creat sale invoice for these stockna?

Thanks.

rayx

My common sense is

1) no, because the consignor did not invoice you, you cannot claim GST input without tax invoice.
2) You can record it out of the book, or record it as liability.
3) no. because consignor did not invoice you at first place, you cannot invoice back for goods returned.

If consignor invoice you at first place. Both parties have agreement about you have right to return any goods unsold.
1.) you can claim GST, as you have a valid tax invoice.
2.)  If you has been invoiced, you bear the risk of goods however you can return any unsold goods, but if goods damaged you will bear the loss. so you need record it on your book as inventories.
3.) Return goods you can ask for a credit note from vendor.

ivyqi

Totally agree!
Normally consignee will have to prepare periodic report to consignor to bill.
Hence the returned item could be deducted from ur next period sales report