For reverse calculation of tax
This query is : Resolved
23 May 2019
Sir/Madam,
I am a practitioner of Tax and Accounts. I am maintaining accounts of a Manufacturing Unit.Actually i am facing Tax reverse problem. Here Inward goods are taxable with rate of 5% but after manufacturing we will get two type of goods, first
goods sale are taxable with same rate 5% but secondary goods sale are Exempt.so i want to know how we calculate of reverse tax in GST. If any other rule for this type of Unit then tell me and please give me your suggestion.
Thanking You
I am a practitioner of Tax and Accounts. I am maintaining accounts of a Manufacturing Unit.Actually i am facing Tax reverse problem. Here Inward goods are taxable with rate of 5% but after manufacturing we will get two type of goods, first
goods sale are taxable with same rate 5% but secondary goods sale are Exempt.so i want to know how we calculate of reverse tax in GST. If any other rule for this type of Unit then tell me and please give me your suggestion.
Thanking You
24 May 2019
As per our understanding of rules, in the ratio of Turnover (Taxable and Exempt) you have to reverse the ITC credit.
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