GSTR 3B OF USED CARS DEALER
This query is : Resolved
16 June 2023
SIR
THE ASSESSEE DEALS IN USED CARS. HE IS UNDER MARGIN SCHEME FOR PAYMENT OF GST. IN FILING GSTR 3B ,THE OUTWARD TAXABLE SUPPLY IS PROFIT (SALE PRICE-PURCHASE PRICE OF CAR ). MY QUERY IS IF WE HAVE TO SHOW THE COST PRICE IN NIL RATED SUPPLY. BECAUSE IN IT IF WE DO NOT SHOW THE COST IN NIL RATED SUPPLY THE TURNOVER OF GST WILL BE VERY LESS AS COMPARED TO INCOME TAX; AND THERE WILL BE DIFFERNCE IN TUROVER AS PER GST AND INCOME TAX.
FOR EG. S.P. RS. 45,00,000 PURCHASE PRICE RS. 40,00,000. AND PROFIT RS. 5,00,000.
SO GST TAXABLE TURNOVER WILL BE 5,00,000. IF PURCHASE PRICE WILL BE SHOWN UNDER NIL RATED SUPPLY. IF WE DONOT SHOW IT THEN GST TURNOVER WILL BE RS. 5,00,000 AND WHEN WE FILE ITR THE TUROVER WILL BE RS. 45,00,000/- .
THE ASSESSEE DEALS IN USED CARS. HE IS UNDER MARGIN SCHEME FOR PAYMENT OF GST. IN FILING GSTR 3B ,THE OUTWARD TAXABLE SUPPLY IS PROFIT (SALE PRICE-PURCHASE PRICE OF CAR ). MY QUERY IS IF WE HAVE TO SHOW THE COST PRICE IN NIL RATED SUPPLY. BECAUSE IN IT IF WE DO NOT SHOW THE COST IN NIL RATED SUPPLY THE TURNOVER OF GST WILL BE VERY LESS AS COMPARED TO INCOME TAX; AND THERE WILL BE DIFFERNCE IN TUROVER AS PER GST AND INCOME TAX.
FOR EG. S.P. RS. 45,00,000 PURCHASE PRICE RS. 40,00,000. AND PROFIT RS. 5,00,000.
SO GST TAXABLE TURNOVER WILL BE 5,00,000. IF PURCHASE PRICE WILL BE SHOWN UNDER NIL RATED SUPPLY. IF WE DONOT SHOW IT THEN GST TURNOVER WILL BE RS. 5,00,000 AND WHEN WE FILE ITR THE TUROVER WILL BE RS. 45,00,000/- .
16 June 2023
Yes, show it as proposed turnover will match.
17 June 2023
It means taxable turnover Rs. 5,00,000 and nil rated supply Rs. 40,00,000
In gstr 3b.
In gstr 3b.
17 June 2023
Yes, you are right....
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17 June 2023
Thank you so much Sir for your quick reply.
17 June 2023
You are welcome..
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17 June 2023
SIR I THINK 500000 WILL BE INCLUSIVE OF GST.
SHOULD BE BIFURCATED IN BASIC + GST = 500000
SHOULD BE BIFURCATED IN BASIC + GST = 500000
17 June 2023
Yes you can do it..
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