Round off
This query is : Resolved
Moneesh Nair
(Querist)
12 October 2017
Would like to know which method of rounding off is correct.
Suppose cgst =16.26 and sgst = 16.26, now which method is correct.
Method 1 : cgst = 16 and sgst = 16, therefore total tax = 32
or
Method 2 : cgst + sgst = 16.26 + 16.26 = 32.56 , therefore rounding off to 33.
Now which one is correct??
Dr. ShamsheerKhan
(Expert)
13 October 2017
Both are wrong. You should not roundoff tax rate. You may round off the total gross amount to acquire net amount. I
13 October 2017
Yes... I agreed with Mr ShamsheerKhan.,
@Moneesh Nair.,
Your second option is May be correct. But, it not good...
You ll be practice following way...
Ex:
Ass. Value : Rs. 500
CGST Rs. 16.26
SGST Rs. 16.26
Sub Total : Rs. 532.52
R. off : Rs. 0.48
Total : Rs. 533...
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CA Rashmi Gandhi
(Expert)
13 October 2017
Either you have to round off in invoice or for return purpose or for accounting purpose????
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Moneesh Nair
(Querist)
13 October 2017
@ CA Rashmi Ma'am, suppose if in the invoice (as mentioned by Raja Sir ) assesable value is Rs 500 and cgst = rs 16.26 and sgst = rs 16.26 and if the total is rounded off to rs 533 then at the time of making tax payment what am I suppose to pay because if I make payment of cgst rs 16 and sgst Rs 16 then there is a difference of rs 1( Note : while making payment of gst at gst portal we have to round off the payment ).
13 October 2017
Yeah... You are exactly correct....
But, the also rounded off for calculating all upload invoices at the final figure. Not only single invoice...
Message likes :
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CA Rashmi Gandhi
(Expert)
13 October 2017
While you pay on GST portal it will round off CGST & SGST wise.....
CA Rashmi Gandhi
(Expert)
13 October 2017
You have to pay 16 & 16 for both....
31 October 2026
Show CGST and SGST at exact amounts (16.26 each) on the invoice and round only the invoice total; rounding to the nearest rupee under Sec 170 applies to the tax payable per head in the return, not invoice by invoice.
CA Rashmi Gandhi
(Expert)
31 October 2026
@ashok kumar sharma , why you are replying on 2017 queries
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