Gst inventory credit

Kindly explain me is it necessary to pass excise cr to customer by examining the following example :

WORKING OF COST IN GST     WORKING OF COST BEFORE 
          GST    
               
BASIC PRICE 100.00     BASIC PRICE 100.00
ADD : EXCISE 12.50 12.50     ADD : EXCISE 12.50 12.50
SUB TOTAL 112.50     SUB TOTAL 112.50
ADD : CST 2% 2.25     ADD : CST 2% 2.25
COST   114.75     COST   114.75
ADD : GP 10% 11.48     ADD : GP 10% 11.48
SELLING PRICE 126.23     SELLING PRICE 126.23
ADD : CGST 9% 11.36     ADD : VAT 6% 7.57
ADD : SGST 9% 11.36          
SELLING PRICE 148.95     SELLING PRICE 133.80
               
LESS EXCISE TO BE            
REFUNDED 12.50          
NET SALES PRICE 136.45     NET SALES PRICE 133.80
               
TAX TO BE PAID IN GST     TAX TO BE PAID IN VAT 7.57
               
CGST   11.36          
SGST   11.36          
TOTAL   22.72          
LESS : EXCISE CREDIT 12.50          
NET TAX TO BE PAID 10.22          

 

 

Replies (7)

prashant ur ex. after gst is totally wrong 

plz make it like this 

cost 100            where cost is 110 & itc 10 is there

gp 10

total cost 110

cgst9%    9.9  

igst9%      9.9

total sp      130rs with itc of rs 10

net tax to be pay rs 10only .

Thank you for your reply,

But, we are traders & excise is cost for us because we are not eligle for excise credit before GST

 

dear excise credit will be available to u, & no more will be a cost.

& if then also a cost , it would be for a short term only

Thank you for reply,

 

But is it necessary to pass on excise credit on inventory to our customer in GST regarding Inventory only

i didnot understand ur question

My question is that

 

we  are a dealer & we are purchasing from Manufacturer, He is colleting cenvat from us for that we are not liable to take cr of cenvat.

In GST we will get cenvat cr for the material in stock as and when we declare stock of 30th june.

My question is it necessary to pass on the credit of cenvat to customer

yes , it is specifically stated that u have to pass on the benifit of credit by reducing prices to ur customer

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