Round off
This query is : Open
12 October 2017
Would like to know which method of rounding off is correct.
Suppose cgst =16.26 and sgst = 16.26, now which method is correct.
Method 1 : cgst = 16 and sgst = 16, therefore total tax = 32
or
Method 2 : cgst + sgst = 16.26 + 16.26 = 32.56 , therefore rounding off to 33.
Now which one is correct??
13 October 2017
Both are wrong. You should not roundoff tax rate. You may round off the total gross amount to acquire net amount. I
13 October 2017
Yes... I agreed with Mr ShamsheerKhan.,
@Moneesh Nair.,
Your second option is May be correct. But, it not good...
You ll be practice following way...
Ex:
Ass. Value : Rs. 500
CGST Rs. 16.26
SGST Rs. 16.26
Sub Total : Rs. 532.52
R. off : Rs. 0.48
Total : Rs. 533...
Message likes :
1 times
13 October 2017
Either you have to round off in invoice or for return purpose or for accounting purpose????
Message likes :
1 times
13 October 2017
@ CA Rashmi Ma'am, suppose if in the invoice (as mentioned by Raja Sir ) assesable value is Rs 500 and cgst = rs 16.26 and sgst = rs 16.26 and if the total is rounded off to rs 533 then at the time of making tax payment what am I suppose to pay because if I make payment of cgst rs 16 and sgst Rs 16 then there is a difference of rs 1( Note : while making payment of gst at gst portal we have to round off the payment ).
13 October 2017
Yeah... You are exactly correct....
But, the also rounded off for calculating all upload invoices at the final figure. Not only single invoice...
Message likes :
1 times
13 October 2017
While you pay on GST portal it will round off CGST & SGST wise.....
13 October 2017
You have to pay 16 & 16 for both....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
