Gst inventory credit

Prashant Balkrishna Thanekar (Accounts Manager) (173 Points)

15 June 2017  

Kindly explain me is it necessary to pass excise cr to customer by examining the following example :

WORKING OF COST IN GST     WORKING OF COST BEFORE 
          GST    
               
BASIC PRICE 100.00     BASIC PRICE 100.00
ADD : EXCISE 12.50 12.50     ADD : EXCISE 12.50 12.50
SUB TOTAL 112.50     SUB TOTAL 112.50
ADD : CST 2% 2.25     ADD : CST 2% 2.25
COST   114.75     COST   114.75
ADD : GP 10% 11.48     ADD : GP 10% 11.48
SELLING PRICE 126.23     SELLING PRICE 126.23
ADD : CGST 9% 11.36     ADD : VAT 6% 7.57
ADD : SGST 9% 11.36          
SELLING PRICE 148.95     SELLING PRICE 133.80
               
LESS EXCISE TO BE            
REFUNDED 12.50          
NET SALES PRICE 136.45     NET SALES PRICE 133.80
               
TAX TO BE PAID IN GST     TAX TO BE PAID IN VAT 7.57
               
CGST   11.36          
SGST   11.36          
TOTAL   22.72          
LESS : EXCISE CREDIT 12.50          
NET TAX TO BE PAID 10.22