Dear Expert/ Senior
Please Guide me.
Taxable Amount - 100000, Input GST- 18000, Purchase value -118000
Supplier Provide scheme discount -20000
Sale:-
Taxable Amount - 90000, Output GST-16200, Sale Value -106200
Closing Stock Value - 0.00
GST Receivable - 18000-16200=1800
1) Can I claim GST refund if business close?
2) As per GST Sale taxable Amount is right or not?
Thank you
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Transaction Value as per GST
Replies (2)
Cannot claim refund.
Gst on supplier discount not reduced from his tax liability, Actual input is 18000/- Add GP and other expenses for furtherance supply. u may continue discounts from ur supplier,if like it.
If it coming under MRP goods no tax liability ,the first supplier remited full gst liability.
If it coming under MRP goods no tax liability ,the first supplier remited full gst liability.
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