IS ANY RULE IN GST FOR CALCULATE GST ON PROFIT?
This query is : Resolved
06 August 2024
Dear Sir,
Is any rule of gst act, that can we calculate output gst on basis of profit percentage? or we can pay gst with forwarding charges basis, create invoice & charges gst on it?
For example:- we have recd. fees 20000/- and 10% is my profit Rs. 2000 now i will be gst on 2000 @18% Rs. 360/- or we have to pay gst on Rs. 20000*100/118 = 16949.15 (taxable) Gst is Rs. 3050.85.
please reply.
Thanks & Regards,
Is any rule of gst act, that can we calculate output gst on basis of profit percentage? or we can pay gst with forwarding charges basis, create invoice & charges gst on it?
For example:- we have recd. fees 20000/- and 10% is my profit Rs. 2000 now i will be gst on 2000 @18% Rs. 360/- or we have to pay gst on Rs. 20000*100/118 = 16949.15 (taxable) Gst is Rs. 3050.85.
please reply.
Thanks & Regards,
11 August 2024
GST is levied over the aggregate amount of services provided, not over profit.
28 August 2024
Good luck.
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