GST on sale of RODTEP duty credit licence

kl Bhavana (Student CA Final ) (417 Points)
Replied 14 November 2022

GST is not applicable. Sale of RoDTEP scrips aare exempted under GST.

1 Like

viji (CTO) (33 Points)
Replied 06 March 2023

entry number please for exemption

1 Like

RAJESH KUMAR (ACCOUNTANT) (2 Points)
Replied 10 June 2023

How we will enter the invoice of Sale of RoDTEP scrips in our Gstr-1????????????????

Manoj Dadwal (2 Points)
Replied 19 October 2024

Please share Any Notification...

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5684 Points)
Replied 24 October 2024

GST applicability: - Yes, GST is applicable on the sale of Duty Credit Licenses (RoDTEP). - HSN code 49070090 falls under the category of "Other" which is taxable under GST. - GST rate will be applicable as per the notified rate for "Other" category, currently 18%. Value for GST: -

GST will be applicable on the transaction value, which is the market-determined rate at which you sell the RoDTEP. -

If sold at a discount, the discount amount will be deducted from the transaction value to arrive at the taxable value.

Accounting for loss on sale: - If sold at a loss, the loss can be accounted for as a business expense. - If sold at a profit, the profit will be taxable under GST.

Please consult a tax expert or chartered accountant for specific guidance on this matter, as GST laws and regulations are subject to change.

Additionally, you may want to consider the following: - RoDTEP is a scheme under the FTP (Foreign Trade Policy), and specific conditions may apply. -

Consult the GST notifications and circulars related to RoDTEP for specific guidance. - Keep accurate records of the transaction value, discount, and taxable value for GST purposes.

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5684 Points)
Replied 24 October 2024

When entering the invoice for the sale of RoDTEP scrips in GSTR-1, follow these steps:

1. Select the invoice type: "Supply of Goods" (even though RoDTEP scrips are not physical goods, they are treated as goods under GST).

2. Enter the invoice details: - Invoice number and date - Customer details (name, GSTIN, etc.) - Descripttion of goods: Mention "RoDTEP Scrips" or "Duty Credit Licenses" - HSN code: 49070090 - Quantity: Number of scrips sold - Unit price: Market-determined rate per scrip - Total value:

Calculate the total value based on the unit price and quantity - GST rate: 18% (currently) - GST amount:

Calculate the GST amount based on the total value and GST rate

3. Select the appropriate tax category: - "Taxable" (if the sale is subject to GST)

4. Enter the discount amount (if applicable): - If you sold the scrips at a discount, enter the discount amount in the "Discount" field

5. Calculate the taxable value: - Taxable value = Total value - Discount (if applicable)

6. Enter the GSTount: - GST amount = Taxable value x GST rate

7. Save and submit the invoice details in GSTR-1.

ensure accurate reporting, as GST laws and regulations are subject to change.

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5684 Points)
Replied 24 October 2024

When entering the invoice for the sale of RoDTEP scrips in GSTR-1, follow these steps:

1. Select the invoice type: "Supply of Goods" (even though RoDTEP scrips are not physical goods, they are treated as goods under GST).

2. Enter the invoice details: - Invoice number and date - Customer details (name, GSTIN, etc.) - Descripttion of goods: Mention "RoDTEP Scrips" or "Duty Credit Licenses" - HSN code: 49070090 - Quantity: Number of scrips sold - Unit price: Market-determined rate per scrip - Total value:

Calculate the total value based on the unit price and quantity - GST rate: 18% (currently) - GST amount:

Calculate the GST amount based on the total value and GST rate

3. Select the appropriate tax category: - "Taxable" (if the sale is subject to GST)

4. Enter the discount amount (if applicable): - If you sold the scrips at a discount, enter the discount amount in the "Discount" field

5. Calculate the taxable value: - Taxable value = Total value - Discount (if applicable)

6. Enter the GSTount: - GST amount = Taxable value x GST rate

7. Save and submit the invoice details in GSTR-1.

ensure accurate reporting, as GST laws and regulations are subject to change.

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