Menu
value of goods purchased
under composite scheme, suppose i purchased an item whose cost is 100/- & gst on it is @ 5% i. e. 5/ & selling price is 120/- then what is going to be the profit % on costs price .
Replies (1)
The cost will be 105 and the profit will be 15, and as you are in the composition scheme no ITC shall be given to you as well thus the profit% works out to be 13.04%.
Recent Topic
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
- Credit against paud RCM on rent
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
Related Topics
CAclubindia
