Respecteds,
Request for you kind help.
How would i calculate the costing and levying GST on the goods which have imported and IGST paid in duty.
Asses Value AV: 100.00
(i) BCD 10% 10
(ii) Edu Cess 2% 0.2
(iii) CSHE Cess 1% 0.1
(iv)I IGST Levy 18% 19.854
(#*#)Duty payble: 30.15
Rate of Goods: 100.00
Duty paid: 30.15
Courier charges: 50.00
Product landing cost: 180.15
(How could i calculate to sell my product)
Example:1
({AV + BCD + E.CESS + C.Cess +IGST+ Courier})
Product cost: 180.15
Profit10%: 18.015
Sell price: 198.165
Sell IGST 18%: 35.669 (ITC 19.854 - 35.669= 15.815 my tax liablity)
Total + IGST: 233.83
or
Example:2
Rate of Goods: 100.00
Duty paid: 30.15 (19.854 IGST Inc paid in duty)
Courier charges: 50.00
Product landing cost: 180.15
({AV + BCD + E.CESS + C.Cess + Courier} IGST Exclued ITC)
Product cost: 160.03 (Exluded the IGST paid in duty rest all added)
Profit10%: 16.003
Sell price: 176.033
Sell IGST 18%: 31.685 (ITC 19.854 - 31.685= 11.831 my tax liablity)
Total+IGST: 207.718
Sir please suggest how do i calculate the costing by including all expenses incuding IGST paid in duty and my profit 10% then i charge the IGST to client. or Add all expenses with 10% profit and Excluding the IGST paid in duty. Example-1 and 2 or both are wrong practice please suggest.
Thanks in advance:
You sincerly, Noor Khan.
CAclubindia
