GSTR 3B OF USED CARS DEALER

This query is : Resolved

JYOTI GOEL (Querist)
Follow

16 June 2023 SIR
THE ASSESSEE DEALS IN USED CARS. HE IS UNDER MARGIN SCHEME FOR PAYMENT OF GST. IN FILING GSTR 3B ,THE OUTWARD TAXABLE SUPPLY IS PROFIT (SALE PRICE-PURCHASE PRICE OF CAR ). MY QUERY IS IF WE HAVE TO SHOW THE COST PRICE IN NIL RATED SUPPLY. BECAUSE IN IT IF WE DO NOT SHOW THE COST IN NIL RATED SUPPLY THE TURNOVER OF GST WILL BE VERY LESS AS COMPARED TO INCOME TAX; AND THERE WILL BE DIFFERNCE IN TUROVER AS PER GST AND INCOME TAX.
FOR EG. S.P. RS. 45,00,000 PURCHASE PRICE RS. 40,00,000. AND PROFIT RS. 5,00,000.
SO GST TAXABLE TURNOVER WILL BE 5,00,000. IF PURCHASE PRICE WILL BE SHOWN UNDER NIL RATED SUPPLY. IF WE DONOT SHOW IT THEN GST TURNOVER WILL BE RS. 5,00,000 AND WHEN WE FILE ITR THE TUROVER WILL BE RS. 45,00,000/- .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

16 June 2023 Yes, show it as proposed turnover will match.

JYOTI GOEL

JYOTI GOEL (Querist)
Follow

17 June 2023 It means taxable turnover Rs. 5,00,000 and nil rated supply Rs. 40,00,000
In gstr 3b.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

17 June 2023 Yes, you are right....
...

JYOTI GOEL

JYOTI GOEL (Querist)
Follow

17 June 2023 Thank you so much Sir for your quick reply.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

17 June 2023 You are welcome..
...

Gokul Sharma

Gokul Sharma (Expert)
Follow

17 June 2023 SIR I THINK 500000 WILL BE INCLUSIVE OF GST.
SHOULD BE BIFURCATED IN BASIC + GST = 500000

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

17 June 2023 Yes you can do it..

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA K GIRIDHAR

shubham agrawal

T E SOUNDARARAJAN

Krishnan V

Sivanath VV

Subscribe Now

GSTR 3B OF USED CARS DEALER

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Accountant

CA Final

GST CONSULTANT

Manager- Finance and Compliance

GST CONSULTANCY