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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%.
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