26 June 2017
Can you help me in the following computation
Suppose I am a Composite dealer under GST
I am an manufacturer
My Aggregate turnover was 40,00,000
Computation 1
CGST 40,00,000*1%=40,000
SGST 40,00,000*1%=40,000
Total Tax(2%)=80,000
Computation 2
40,00,000*1%=40,000
Total Tax =40,000
SGST(50%)=20,000
CGST(50%)=20,000
Above two options which one is right . If both are wrong. Then please suggest the right computation
With respect to composition scheme under GST
26 June 2017
First opinion is correct 1% rate is the rate for state GST and you have to pay 1% for the CGST as well. Hence, cumulative rate for manufacture is 2% (1% CGST+1% SGST).
CAclubindia
