Here Is a Scenario
Customer Invoice Amount = 197 Which Includes 18% GST
Flipkart Commission = 25.61
Flipkart Fixed Fee = 5.00
TCS Deducted By Flipkart = 0.83
TDS Deducted By Flipkart = 0.17
GST On Flipkart Commission and Flipkart Fixed Fee - (4.61+ 0.90) = 5.51
Settlement Value to Sellers Bank Account = 159.88
Input Tax Credits That will be received are as follows -
TCS Deducted By Flipkart = 0.83
TDS Deducted By Flipkart = 0.17
GST On Flipkart Commission and Flipkart Fixed Fee - (4.61+ 0.90) = 5.51
Which Of the following Approaches is correct ?
A - Net Proceeds = Invoice Amount 197 - GST PAID On Invoice 30.05 - Flipkart Commission 25.61
- Flipkart Fixe Fee - 5 -TCS 0.83 - TDS 0.17 - GST On Flipkart Commission and Fixed Fee 5.51
+ Input Tax Credit 6.51 (0.83+0.17+5.51) = 136.34
B - Net Proceeds = Settlement Value 159.88 - Gst On Settlement Value (159 - (159/1.18) 24.38
+ Input Tax Credit 6.51 (0.83+0.17+5.51) = 142.01
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