Sir I get some herbal products from a manufacturer at 18 percent GST for 400 Ra against MRP of 500 Rs
how do I do for GST when selling the Product at 500 Rs.
how GST calculations to be done
pls guide
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Need idea of GST for herbal cosmetics
Replies (3)
When you sell the product at rs 500 pay gst at rs 500 and take itc of purchase at rs 400.and pay differential gst by GSTR 3b
GST is levied on the Transaction Value as per the Valuation Provision of Section 15(1) of the CGST Act 2017 and not on the MRP. Maximum Retail Price ( MRP ) includes GST but the Transaction value does not includes GST.
For example your selling price is Rs 500 taxable value is Rs 474 GST @ 18% is Rs 76
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