We have taken marine inland road transit insurance policy (bulk) for our sales to clients at 18% gst
When we sell goods, we fill marine declaration form (provided by agent) and the total covered value is reduced as per invoice.
for Ex-
Goods (5% GST) @ Rs.2000/qtl X 100 qtl = Rs.2,00,000
Packing charges - Rs. 4,500
Insurance charges - Rs.500
What should be the total taxable value...??
2,00,000 or 2,04,500 or 2,05,000
And what should be the GST on whole Invoice 5% or 18%.?
What we were doing is charging 5% GST on 2,05,000 (as per Composite Scheme).
But now my Tax consultant is saying you can't sell insurance (you aren't registered agent).
And if charges then you should charge 5% on 2,04,500 and 18% on 500 to customer.
What is correct.
CAclubindia
