buying price 50.9
GST @ 12% 6.1
Net buying price 57
Transportation 2
total 59
GST @ 12% 7.1
Net selling price 66
Selling price 66
buying cost 57
transportation 2
Net payable GST 1.0
Gross margin 6.11
Why i am getting zero profit even if margin is coming 6.11??
(P.S - sorry for the way it is presented
it was in excel and i had to write it down)🙏
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Query about profit under GST
Replies (4)
Quick Summary
Cost of purchase is 52.9(excluding taxes)
sales price is 59 (excluding taxes)
thus margin is6.1
sales price is 59 (excluding taxes)
thus margin is6.1
But why profit is coming zero while calculating it
As you have considered GST portion as expense which is incorrect
Thank you so much😊
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