if the new gst rates on footwear is 5% on transaction value not exceeding ₹1000 and 18% on transaction value above ₹1000 .
Suppose there is one shoes of mrp ₹1599 and i want to sell it for ₹1103 .
as per me if i sell it in 5% slab , taxable value will be ₹1050/48 on which i can't apply 5% gst
and if i sell it in 18% slab , taxable value will be ₹934/75 on which I can't apply 18% gst.
IN WHICH SLAB I HAVE TO SELL THIS SHOES ?
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gst on footwear
Replies (7)
18% The item.you can cell at 18%
but i can't apply 18% gst on transaction value less than ₹1000
You can sell the footwear as per the gst rate arrived in purchase bills.
you all can't clear my point
Take gst rate as per items arrived in purchase bills.
Transaction value is value inclusive of GST. In above case, it has to be billed in 18%
In this case gst rate are 5% no matter what are MRP transaction value is 934 so its below 1000 than tax rate is 5%
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