Levy of GST on value of supplies in case of scrap sales
This query is : Open
CA Sanjay Baheti
(Querist)
21 November 2019
My query related to levy of GST whether IGST or CGST/SGST @ prescribed rates on value of supplies i.e. whether the same is levied only on basic value of sales or inclusive of TCS Portion being 1% on basic value levied under section 206C of I.T.Act particularly in case of scrap sales.For example basic value of scrap is Rs.100/- on which TCS levied is Rs.1 @1% on Rs.100/- Now for GST levy @ 18% as IGST in case of inter state sales whether the same will be levied either on Rs.100/- i.e.Rs.18/- as IGST or on Rs.101/- @ 18% i.e.Rs.18.18 as IGST
Please resolve the said issue as most of sellers have different views as per their CA's/Consultants. Which one is correct as per GST Law.
Please resolve the said issue as most of sellers have different views as per their CA's/Consultants. Which one is correct as per GST Law.
21 November 2019
First of TCS applicable on Total Invoice Value. Not only for the Basic value...
21 November 2019
As per values, 100+18 = 118 & 118 * 1% = 1.18. Invoice will be raise Rs 119 and TCS will be collect Rs 1...
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