Sandesh Shet (student) (202 Points)
27 February 2018
vamsi krishna
(Article Assistant)
(268 Points)
Replied 27 February 2018
Sir,
Can just make the example in simple words
Thanks
Sandesh Shet
(student)
(202 Points)
Replied 27 February 2018
Sandesh Shet
(student)
(202 Points)
Replied 27 February 2018
jayaprakash
(proprietor)
(24 Points)
Replied 27 February 2018
vamsi krishna
(Article Assistant)
(268 Points)
Replied 28 February 2018
Sir,
You should understand one thing, All indirect taxes will not be a burden to traders or manufacturers as the case may be, it will ultimately cost to the person who ultimately consumed.
So even if your output rate 12% and input rate 5%, it won't impact your Profit and loss account (unless you are not entittled to take ITC).
Thanks
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 28 February 2018
In my view,
if your price 1200 is inclusive of GST @ 12% than for sure you have loss of 7%
on the other hand if you are charging 1200 plus GST than there is no loss to you,
VINEETH.R
(FINANCIAL ACCOUNTANT)
(458 Points)
Replied 28 February 2018
The tax amount is collecting from the customer and remitting towards the govt. In this case, there is no loss.
Aashish Sachdeva
(839 Points)
Replied 01 March 2018
CAclubindia
