HOW TO RAISE INVOICE IN CASE OF MARGIN SCHEME UNDER 8/2018 CGST RATE NOTIFICATION

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..... HOW TO RAISE INVOICE IN CASE OF MARGIN SCHEME UNDER 8/2018 CGST RATE NOTIFICATION
Query (Issue) Started By: - SSOE SSOE Dated:- 19-3-2022 Last Reply Date:- 24-3-2022 Goods and Services Tax - GST
Got 6 Replies
GST
Dear Sir Supplier want to avail the notification 8/2018 cgst rate. Supplier has not availed ITC at the time of purchase of motor vehicles. Tax rate on purchase -- 28% Tax .....

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..... rate as per notification is 18% Purchase value -- 150 Sale value -- 120 Wdv value -- 105 (as on 31st March of last FY) Wdv value -- 89.25 (as on date of sale) What is the Gst taxable amount and tax amount ? Kindly explain what figures you have considered for above calculation. Sale and Purchase is intra state transactions. Reply By Shilpi Jain: The Reply: There is a view that the WDV sho .....

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..... uld be taken as per the last day of the last FY since that is what which has been claimed under IT Act. If such a view is taken then the taxable value will be 120-105 on which the GST has to be charged. Reply By NARENDER YARRAGORLA: The Reply: I am agreeing with the Madam View Reply By SSOE SSOE: The Reply: Dear Shilpi Jain Madam 1. In this case i have to raise invoice for 120 + Gst 2.7 (i.e .....

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..... 18% on 15) . Percentage comes to 2.25%.This tax rate is not available in GSTR-1. How to file this invoice in GSTR-1 ? According to me -- Option 1: 105 should be shown in 0% tax rate in B2B and 15 in 18% tax rate. Option 2: Raising invoice for 15 @ 18% and raising commercial debit note without tax for 105. I think first option is better since the entire transaction can be captured in one docum .....

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..... ent. Kindly provide your comments whether we can go with the option 1. Reply By shwetal oswal: The Reply: gst will be 5.535 (18% of margin i.e. 105-89.25). Reply By SSOE SSOE: The Reply: Any other comments with complete explanation. Reply By Shilpi Jain: The Reply: In the returns you will have to put taxable value as 15 only and not 120. RAte of tax will be 18%. Invoice value will be total .....

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..... amount that you will invoice him for.
Discussion Forum - Knowledge Sharing .....

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