If I have purchased the item for 900 rupees with gst 5% then if I sell the item for rs 1500 then should I have to add 12% gst?
What will happen to credit in such case ?
Menu
Cloths GST doubt
Replies (8)
You can take credit of GST paid on item purchased, rate on item sold does not affect input GST paid on purchase of goods. There is not any provision which affect availment of credit due to difference in GST rate on purchase and sale of item.
Mr. Dindayal.,
I'm not understanding your query. How to you sale 5% goods to 12% tax....
I'm not understanding your query. How to you sale 5% goods to 12% tax....
Mr. Raja,
rates below 1000 is 5%, and above 1000 is 12% for readymade garments.
rates below 1000 is 5%, and above 1000 is 12% for readymade garments.
Yes Mr. Dindayal...
As usual you can adjust your ITC on purchases. If you collect tax for the sales after you pay the amount as per liability....
As usual you can adjust your ITC on purchases. If you collect tax for the sales after you pay the amount as per liability....
Assuming both the prices (900 and 1500) before charging gst, ITC will be 45 whereas Output liability will be 180. Net output liability 135.
Exactly Mr. Vinay Gary....
Exactly Mr. Vinay Garg....
as you are selling ready made garments in vat
Recent Threads
- GSat on sale of assets
- 234 f penalty
- GST REGISTRATION FOR CARPENTER WORK
- Standard deduction for family pensioners
- Concerning tax savings or understanding the long-t
- F&O losses
- Is form 10 IE needed in this case?
- TDS on purchase of property more than 50 lakhs
- Withdrawal from post NSS
- Section 10(11) or 10(12) of exempted income
Related Threads
CAclubindia
