Credit
This query is : Open
anand mehta
(Querist)
16 July 2017
I purchase plywood hardware laminate and make it a furniture.
On plywood and laminate I pay 28%, on hardware I pay 18%, and ready furniture there is 28%, how much credit I will get?
When I purchase raw material it will reflect on my closing stock... then how to convert raw material to finished goods ..i mean what will be accounting entry for above ?
On plywood and laminate I pay 28%, on hardware I pay 18%, and ready furniture there is 28%, how much credit I will get?
When I purchase raw material it will reflect on my closing stock... then how to convert raw material to finished goods ..i mean what will be accounting entry for above ?
16 July 2017
You purchase
A @ 28% = 1000 + 280 = 1280
B @ 18% = 200 + 36 = 236
Total GST input = 316
Your Sales
Furniture = 1000 + 280 = 1280
Taxes calculation,
input - Output = Liability / ITC
316 - 280 = 36 (ITC)
In case you can sell your all goods with margin
sales
2000 + 560 = 2560
taxes,
316 - 560 = 184 as liability....
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