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Payable GST

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Allauddin patel

Accountant

111 Points Posted on 19 February 2020

What will be the payable gst for the month of January?? data is below

OUTPUT TAX:
CGST. SGST. IGST
232493. 232493. 73131

INPUT TAX:
CGST. SGST
169415. 169415

URD purchase value of cotton:
Rs. 4552309

so pls tell how much tax should I pay for the month.....
we do cotton business.. Gst for cotton is 5%.... rcm is applicable on urd purchase of cotton.

Replies (2)

Quick Summary

This discussion clarifies how to calculate the payable GST for January, specifically for a cotton business. It details the process of deducting input tax credits from output tax and incorporates the Reverse Charge Mechanism (RCM) applicable to URD purchases of cotton. The final payable amounts for CGST, SGST, and IGST are clearly outlined.

Pankaj Rawat

GST Practitioner

55067 Points Posted on 19 February 2020

You need to Deposit 113807 CGST + 113807/- SGST under RCM
and Rs. 63078/- CGST +63078/- SGST , 73131/- IGST.

Hence
Required to deposi including RCM
CGST = 176885/-
SGST = 176885/-
IGST = 73131/-