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TMI BlogPRICE OF THE PRODUCT UNDER PRE AND POST GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Expert, If the price of the product was Rs.10,000/- which was pre-gst price including vat to the customer in the market. Price of the same product will be the same ₹ 10,000/- even post gst ? i.e Post gst price of the product, if gst rate is 18% = price of the product is ₹ 10,000/-(cost = 8200 + cgst 900 + sgst 900) or Post gst price = 11800/=(10,000+1800) Which one is correc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t ? and is there any wrong on the 11800/- of the product to the custome ? Please clarify with applicable provisions and rules of gst. - Reply By KASTURI SETHI - The Reply = Rs.10000/- was inclusive of VAT. Now VAT stands subsumed into GST. VAT is replaced by GST. VAT was on lower side and GST rate is on higher side. You are to pay GST on transaction value in the post GST period. Today if your tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ansaction value remains the same ₹ 8200/- first calculation is correct. In common parlance, transaction value means whatever amount you charge (Basic Price excluding tax), on that amount you will compute GST and deposit. If your transaction value has not changed/increased in post GST period, then second calculation is wrong. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = In GST the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re is no cum-tax-value. The value of supply is to be noted in the invoice and the GST rate is to be indicated. In your case the value of the product is ₹ 8200/- If the tax rate is 18% as mentioned by you the GST is 8200 x 18% = 1476 Total of the invoice - 8200 + 1476 = ₹ 9676/- - Reply By Kishan Barai - The Reply = Nice explained by sir but if your sales price is 10,000 INR T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hen you can show cost 8474.57 + 18% GST (1525.42) = 10,000 INR Thank You - PRICE OF THE PRODUCT UNDER PRE AND POST GST - Query Started By: - RameshBabu Kari Dated:- 28-7-2017 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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