Sir
I am a manufacturer of textile fabric. Suppose I purchase yarn of 100+18% gst (total=118) and sale it on 150+5% gst(total 157.5), then will I have to pay 7.5 rupees to government or not?
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Gst on textile
Replies (9)
No as you will avail input credit of rs 18.As you will avail the input credit then the net amount shall be the output tax which is payable to government which is NIL as per the above example.
| Originally posted by : upasana gupta | ||
 |
No as you will avail input credit of rs 18.As you will avail the input credit then the net amount shall be the output tax which is payable to government which is NIL as per the above example. |  |
Mam.,
Any refund available for Textile Industry...?! or
Any Changes made refund rule to Textile Industry...?!
No cash refund is available in GST. you can only avail ITC. and for ur eg. u better calculate 18 - 7.5 = 10.5 as your costing.
| Originally posted by : Rajat Khanna | ||
|
No cash refund is available in GST. you can only avail ITC. and for ur eg. u better calculate 18 - 7.5 = 10.5 as your costing. | |
Why Sir...?
Why refund not available...?
as per gst law govt will not pay back ur excess itc in terms of cash or kind. the only way available is in the form of ITC.
| Originally posted by : Rajat Khanna | ||
|
as per gst law govt will not pay back ur excess itc in terms of cash or kind. the only way available is in the form of ITC. | |
Mr. Rajat Khanna.,
This Conditions to All Business or any notified Businesses.....?
Its gst law for all not for particular.
Its gst law for all not for particular.
Thank You for Valuable reply Mr. Rajat Khanna...!
Any Proof or sections note it......?
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