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Gst calculated on which amount?
if a customer purchases new jewellery of 50000/- & gives old jewellery of 30000/- . Gst to be calculated on 50000/- or excess 20000/- . Please clarify
Replies (8)
In my opinion, as far as the GST logic is concerned, the gold trader has to pay GST, on gold jewellery taken from customer, on RCM basis and can avail ITC on the sale of gold jewellery to customer.
Give tax on margin u/s 32(5)
50000/-
Customer to pay GST at 3% on 50000
Customer to pay GST at 3% on 50000
Thanks
In d return I have to show taxable amount i. e. 50000/- but invoice value would be 20000/-
Am I right?
In d return I have to show taxable amount i. e. 50000/- but invoice value would be 20000/-
Am I right?
No. Outward supply 50000. Paid for purchase 30000 which is separate and no rcm is payable on it as the customer is not a unregistered supplier.
OK Thanks
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