Menu
GST on profit of sales
Sir with due respect I want to know that I have a e_Itc in my books of accounts but I have not deposited the GST in cash,can I claim the ITC outstanding in my books of account th electronic.please guide me Thanks
Replies (3)
Quick Summary
Dear Rajat ji your query is not clear , Kya aap with eg post kar sakey ho ??
Sir actual my query is that GST on gross profit will be adjusted with my ITC outstanding in my E_ITC or it will be deposited in cash ledger.
Yes you can adjust. GST is payable on profit Only.
Eg :
Purchase accessible value 100
GST. on Purchase. 18
Sale taxable Value. 200
GST on Sale. 36
your are required to pay 16 (36-16)
Note : But if any other eligible ITC lying with you can be adjusted against 16/-
Eg :
Purchase accessible value 100
GST. on Purchase. 18
Sale taxable Value. 200
GST on Sale. 36
your are required to pay 16 (36-16)
Note : But if any other eligible ITC lying with you can be adjusted against 16/-
Recent Topics :
- Last day for ITR-U for AY 2023-2024 (FY 2022-2023)
- Sale of shares in indian company by a non resident
- Difference in TIS
- GSTR-9C Upload Status Error Occured
- “Income Tax Implications of Company-Related
- Advice needed: Hypothetical case of non-filing of
- Demand Raised for Cess Amount Despite Section 89 R
- WRONG BILL NO FILED IN GST R1
- Addtional trade name for my another firm
- Commission / Agency Business without books: REAL E
Related Topics :
CAclubindia
