Dear sir,
We are the manufacture of Control and Relay Panel under Chapter No 85371000 For Control and Relay panel, & 85364900 for Relays 85361010 for Spares Kindly confirm the GST Tax rates for the same..
Regards,
Ravi
Dear Sir,
We purchased material on 15.06.2017 from out of state, on which CST Tax collected by the supplier. Shall we eligible to claim this CST tax under GST
Suppose 5% GST rate is applicable on the goods we sell. Now we have taken rs 105 as 50% advance(100+5 for GST) from customer.& Sales value is 200.
Option 1:
Upon receiving advance payment:-
Bank a/c dr 105
to GST pay. on adv 5
to Customer 100
GST pay. on adv dr 5
to Bank a/c 5
At the time of making sales:-
Customer dr 205
to Sales 200
to GST payable 5
GST payable dr 5
to Bank 5
Option 2:
Upon receiving advance payment:-
Bank a/c dr 105
to Customer 105
GST paid on adv dr 5
to Bank a/c 5
At the time of making Sales:-
Customer dr 210
to Sales 200
to GST payable 10
GST payable dr 10
to GST paid on adv 5
to Bank a/c 5
Please reply !
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