Please resolve my issue regarding gst ?



respected all querry solver  ,

 

i am a normal shopkeeper . i own a shop . i want to run a hardware and plywood shop . i decided to open a shop with 10 lakh amount . will i have to register my self for gst ? if i purchase from gst registered  seller then they will collect gst from me . but when i will sell to my final customer ( not to any other seller ) how will i put gst on them ? or i have no right to collect gst ... only profit will i add to my cost price and silmple bill of supply i will generate ? will i also have to submit gst tax on my profit ? or simple profit loss machenism will apply in my business and on my profit i will pay only my aanual income tax ? please resolve my issue ... 

 
Reply   
 

Sir if it is better take gst to avail input tax credit if purchase from registered dealer if u supplying with in state u opt for composite scheme on that u won't claim itc quarterly u have pay tax threshold limit is 75lacs this scheme applicable only transaction with in state other wise ur transactions out side state u have to register under normal scheme
 
Reply   
 

Sir if it is better take gst to avail input tax credit if purchase from registered dealer if u supplying with in state u opt for composite scheme on that u won't claim itc quarterly u have pay tax threshold limit is 75lacs this scheme applicable only transaction with in state other wise ur transactions out side state u have to register under normal scheme
 
Reply   
 

sir .... suppose if i purchase a product for rs 100 from a registered dealer ... he will put 20% gst on it ( for example ) . then its value become 120 . if i sell to customer for rs 140 it means i earned rs 20 . tell me will i have to pay gst on my profit to govt .... since i am below 20 lakh scheme do i need to pay tax or simply at the end of finacial year on my total profit i will have to pay only income tax ???? 

 
Reply   
 

 
Reply   
 

In that case you have to pay tax only income tax.
 
Reply   
 
PROPRIETOR - P M RAJA AND CO (TAX CONSULTANTS - AUDITORS)

@ erdeep.,
Please tell me...
You are new in GST...?
You are registered under VAT or not...?
 
Reply   
 

Sir RAJA P M , i am starting a business in sept month 2017 . my total budget for my business is rs 10 lakh . 

 
Reply   
 
PROPRIETOR - P M RAJA AND CO (TAX CONSULTANTS - AUDITORS)

Once you ll opt in GST then you can follow all the rules as per law.
GST is Indirect tax system. IT direct tax system. So, It's not applicable both in one...

If you are purchased Rs. 100 + 20(tax) then you can add the profit on Rs. 100. Not in whole bill amount as 120. After you can add tax on 120 + 24 = 144.
Then you ll be show the sale bill details in GSTR 1 as total value is 144. After its spliced 120 & 24....
Your purchase details in GSTR 2 / 2A. 2A is autopopulated from your supplier. It's shown as follow 100 & 20...
After adjusted in GSTR 3 it's shown your liability as 4. It's payable by You....
 
Reply   
 
PROPRIETOR - P M RAJA AND CO (TAX CONSULTANTS - AUDITORS)

After closing the FY then you ll be show the details in income tax as Your turn over is Rs. 120 purchase is 100. And any expenses add in purchase side as expenditure... Then calculate and pay the income tax as any liabilities from your side...
 
Reply   
 

LEAVE A REPLY

Your are not logged in . Please login to post replies

Click here to Login / Register  

 


×

  CCI MENU