Hi Friends.
Pls.forgive me as I am asking a very basic question - I want to know how to calculate GST amount to be paid as per sale /purchase .
Pls. correct me if I am wrong --
GST amount to be paid = Output GST --Input GST.
CGST =OCGST -IGST
SGST = OSGST -IGST
For example -- My Service Invoices (output)GST amount is CGST 10000 SGST 10000 & Purchase Amount is (Input ) -- CGST - Rs 500 , SGST Rs.500 , IGST -- 500
Then My Tax calculation will be -
CGST ---- Rs10000 - Rs.500 (IGST) - CGST Rs,500 (input) = Rs 9000
SGST --- Rs. 10000 - Rs.500 (input) = Rs 9500
Total GST to be paid -- Rs.18500
Is it good Idea to make excess payment ? Sometime small amount to be paid is reflected due to interest .Some excess amount might compensate for the difference. however I have been discouraged to do so .
CAclubindia
