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
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...
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...
CAclubindia
