9911796707
TMI BlogIf the selling price is lesser that cost price due to Credit notes. Credit notes are issued without GST component by the sellerX X X X Extracts X X X X X X X X Extracts X X X X ..... under below scenario . what is the right way of being tax compliant. PURCHASE PRICE AS PER INVOICE basic 1260 input gst ( cgst + sgst ) 352.8 (a) TOTAL PRICE WITH GST 1613 (b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CREDIT NOTES PERTAINING TO PURCHASE cd @ 3% 48.39 quarterly discount @ rs. 20 per fan 20 quarterly growth discount ( variable ) 18.9 annual growth discount ( variable ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18.9 free fan scheme . on 48 fans 1 fan free 33 total discounts on product 139.19 (c) Actual purchase cost including GST 1473.81 cp = (b-c) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SELLING PRICE INCLUDING GST 1565 (d) selling price basic 1222.65625 output gst ( cgst + sgst ) 342.34375 (e) NETT CONTRIBUTION TO GST PER PRODUCT SALE output gst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - input gst -10.45625 (e-a) ACTUAL GROSS MARGIN 6.18% (d-cp)/cp*100 Points to be noted in the above scenario : - The nett contribution to output get payable per sale of the product is negative, yet the gross margin per produc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t as per balance sheet is 6.18% as all cn is accounted for - Input gst carry forward continues to increase for every product sale which may be offset against other product sale. - Input gst is not reversed as credit notes are issued without gst and cost of availing input credit has been paid to the Seller and is in-turn received by the government. - Reply By DR.MARIAPPA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... N GOVINDARAJAN - The Reply = What is your query? - If the selling price is lesser that cost price due to Credit notes. Credit notes are issued without GST component by the seller - Query Started By: - chetan jhaver Dated:- 9-10-2017 Goods and Services Tax - GST - Got 1 Reply - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
