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....
CA R SEETHARAMAN
(Expert)
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST input credit on commercial property
- Nursery business
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- Urd purchase entry in tally prime
- GSTR-9C filing
- Capital gains in IT returns
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
