Gst query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 June 2017
I want to ask very basic question of GST
If a retailer having T/o > 20 Lac ( he will have to registration in GST).
Now, supose he is selling Goods on which MRP is printed Let say Rs. 50/- (where it is mentined inclusive of all taxes)
He is getting Rs. 50 from Customer.
How he will charge GST on such products? as he can't sell for more than MRP, if he will charge GST price will be more than Rs 50, which is not posssible, as we know.
Will it (GST) 50*12/112 = 5.36 ?? AM i correct or not???
One another Question will he charge CGST and SGST simultaneously i.e. will the rate be 12+12=24%????
Please clarify. Thanks....
If a retailer having T/o > 20 Lac ( he will have to registration in GST).
Now, supose he is selling Goods on which MRP is printed Let say Rs. 50/- (where it is mentined inclusive of all taxes)
He is getting Rs. 50 from Customer.
How he will charge GST on such products? as he can't sell for more than MRP, if he will charge GST price will be more than Rs 50, which is not posssible, as we know.
Will it (GST) 50*12/112 = 5.36 ?? AM i correct or not???
One another Question will he charge CGST and SGST simultaneously i.e. will the rate be 12+12=24%????
Please clarify. Thanks....
16 June 2017
1 5.36 is the right calculation.
2 He will charge CGST and SGST simultaneously i.e. the rate will be 6+6=12%
2 He will charge CGST and SGST simultaneously i.e. the rate will be 6+6=12%
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- SGST balance is there in credit ledger how to adjust for cgst
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
