GST on sale of RODTEP duty credit licence

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394 Points Joined June 2021

We will be selling Duty Credit Licence [RoDTEP]  at a market determined rate. HSN is 49070090. Whether GST will be applicable or not ? If applicable, on what value ? If it is sold at a discount, how to account for loss on sale? Could be at a profit sometime?

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On 14 November 2022 at 08:00 Report
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Student CA Final
417 Points Joined July 2013
GST is not applicable. Sale of RoDTEP scrips aare exempted under GST.
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On 14 November 2022 at 15:56
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CTO
33 Points Joined February 2010

entry number please for exemption

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On 06 March 2023 at 15:33
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ACCOUNTANT
2 Points Joined September 2014

How we will enter the invoice of Sale of RoDTEP scrips in our Gstr-1????????????????



 

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On 10 June 2023 at 12:14
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2 Points Joined October 2024

Please share Any Notification...

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On 19 October 2024 at 13:37
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Master in Accounts & high court Advocate
9434 Points Joined December 2011

GST applicability: - Yes, GST is applicable on the sale of Duty Credit Licenses (RoDTEP). - HSN code 49070090 falls under the category of "Other" which is taxable under GST. - GST rate will be applicable as per the notified rate for "Other" category, currently 18%. Value for GST: -

 GST will be applicable on the transaction value, which is the market-determined rate at which you sell the RoDTEP. -

If sold at a discount, the discount amount will be deducted from the transaction value to arrive at the taxable value. 

Accounting for loss on sale: - If sold at a loss, the loss can be accounted for as a business expense. - If sold at a profit, the profit will be taxable under GST. 

Please consult a tax expert or chartered accountant for specific guidance on this matter, as GST laws and regulations are subject to change. 

Additionally, you may want to consider the following: - RoDTEP is a scheme under the FTP (Foreign Trade Policy), and specific conditions may apply. -

 Consult the GST notifications and circulars related to RoDTEP for specific guidance. - Keep accurate records of the transaction value, discount, and taxable value for GST purposes.

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On 24 October 2024 at 18:52
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Master in Accounts & high court Advocate
9434 Points Joined December 2011

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. 

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On 24 October 2024 at 19:02
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Master in Accounts & high court Advocate
9434 Points Joined December 2011

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. 

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On 24 October 2024 at 19:02


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