GST on commission on mobile sale

538 views
User Avatar

125 Points Posted on 17 July 2020
My client is having a mobile shop who is registered under GST composition scheme and pays 1% GST on sale of mobile and its accessories. For sale of mobiles he gets scheme discounts through monthly credit note which I would termed it as commission from various supplier (Dealer).
My question is whether he needs to pay GST @ 1% as a composition scheme or any other rate applicable. If yes for other rate applicability then how and where to show income and gst on it as composition dealer only has limited boxes in CMP-08 form which needs to be submitted on quarterly basis.

Please guide.
0 Reply Share Follow
On 17 July 2020 at 16:51 Report
Replies (5)
Quick Summary
A mobile shop owner operating under the GST composition scheme is seeking clarification on how to handle GST for commission received from suppliers via monthly credit notes (scheme discounts). They want to know if the standard 1% GST rate applies or if a different rate is required, and how to report this income and GST, given the limitations of the CMP-08 form for composition dealers. The advice received suggests that if credit notes are not issued with GST, no further GST liability arises for the dealer on this commission income.

User Avatar

4215 Points Posted on 17 July 2020
Create note issued with GST?
2 Reply
On 17 July 2020 at 18:26
User Avatar

125 Points Posted on 17 July 2020
Ni Sir not a single credit not issued with GST.
Reply
On 17 July 2020 at 18:29
User Avatar

4215 Points Posted on 18 July 2020
Then no further liability for the dealer
3 Reply
On 18 July 2020 at 06:21
User Avatar

125 Points Posted on 18 July 2020
Meaning we just have to book this scheme income in P&L and pay income tax under self assessment only? Will there be no mismatch of income as per GST and income as per Income Tax?
Pl guide
Reply
On 18 July 2020 at 06:44
User Avatar

4215 Points Posted on 18 July 2020
Yes no doubt
3 Reply
On 18 July 2020 at 07:25

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. TDS ON PF FORM 19 WITHDRAWAL
  2. Can a virtual office in Mumbai be used for company
  3. Eway and e invoicing in condition where 4 party ar
  4. Bank balance in ITR-3
  5. INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
  6. Tempsens Instruments IPO GMP Allotment Listing dat
  7. Upload Type - Correction. Not showing in TDS filli
  8. Partnership tax audit query
  9. ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V
  10. Form 146 foreign remittance us citizen

More recent discussions | Post

Related Topics :

Loading