Master in Accounts & high court Advocate
9610 Points
Posted on 24 October 2024
When entering the invoice for the sale of RoDTEP scrips in GSTR-1, follow these steps:
1. Select the invoice type: "Supply of Goods" (even though RoDTEP scrips are not physical goods, they are treated as goods under GST).
2. Enter the invoice details: - Invoice number and date - Customer details (name, GSTIN, etc.) - Descripttion of goods: Mention "RoDTEP Scrips" or "Duty Credit Licenses" - HSN code: 49070090 - Quantity: Number of scrips sold - Unit price: Market-determined rate per scrip - Total value:
Calculate the total value based on the unit price and quantity - GST rate: 18% (currently) - GST amount:
Calculate the GST amount based on the total value and GST rate
3. Select the appropriate tax category: - "Taxable" (if the sale is subject to GST)
4. Enter the discount amount (if applicable): - If you sold the scrips at a discount, enter the discount amount in the "Discount" field
5. Calculate the taxable value: - Taxable value = Total value - Discount (if applicable)
6. Enter the GSTount: - GST amount = Taxable value x GST rate
7. Save and submit the invoice details in GSTR-1.
ensure accurate reporting, as GST laws and regulations are subject to change.