GST is profit or loss

Page no : 5

g mahesh Mundra (Business and tax consultant) (3293 Points)
Replied 05 October 2017

I think you would have understand

RAJA P M ("Do the Right Thing...!!!") (127196 Points)
Replied 05 October 2017

First of you ll try to understand my replies in above said way and also your "Tran1" query....

Also i replied you can't claim CGST. Then why you again to again says the same as "understand query, Understand Query"....

Already I replied you ll sell it current date rete for the product....

The what you want exactly...?!

g mahesh Mundra (Business and tax consultant) (3293 Points)
Replied 05 October 2017

I want to know that here I am looser or not

Nitin Ramchandani (MBA(finance)) (397 Points)
Replied 05 October 2017

If yr product's gst rate is 28% and yr turnover is less than 75 lakh....you have to pay maximum to 75000 gst (if you show yr annual turnover is 75 lakh) but if your turnover is more than 75 lakh than you have to pay 28% gst out of yr profit you show on yr balance sheet for e.g. if you show yr annual turnover is 80 lakh and yr profit margin is 20% than yr total net profit is 16 lakh, now you have to pay 4.48 lakh gst (28% of 16 lakh ) I have calculated gst in total annually for just make it simple and understand I hope you got yr answer what you looking for sir???

1 Like

g mahesh Mundra (Business and tax consultant) (3293 Points)
Replied 05 October 2017

sir you have 100 rs closing stock which inclusive of vat @ 14.5% on 30th June and it's MRP is 112 inclusive of vat on 1st July how you will sell in GST as the MRP is 112

g mahesh Mundra (Business and tax consultant) (3293 Points)
Replied 05 October 2017

upto 30th June I sold MRP of 112 as 97.80 plus vat 14.20 correct but on 1st I have to sell it reduced sale price means 87.5 plus gst @ 28% 31.50 ok but here my cost price is 87.30 exclusive of vat which I am having closing stock on 30th June now my question is here I am looser or not because I cannot claim cgst claim because I have only vat paid bill