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TMI BlogHOW TO RAISE INVOICE IN CASE OF MARGIN SCHEME UNDER 8/2018 CGST RATE NOTIFICATIONX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 expl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ain 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 should 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 NARE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NDER 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 document. 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 Repl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y = 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 amount that you will invoice him for. - HOW TO RAISE INVOICE IN CASE OF MARGIN SCHEME UNDER 8/2018 CGST RATE NOTIFICATION - Query Started By: - SSOE SSOE Dated:- 19-3-2022 Goods and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.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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