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GST related query......

Ajnas (Student) (844 Points)

06 July 2021

in zero rated supply like export, sez with and without payment of tax, what is the invoice value we need to put in "invoice value" coloumn of GSTR 1? it is taxable value or taxable value+GST amount?

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13 Replies

Imthias ahamed Kormath (910 Points)
Replied 06 July 2021

With gst may calim refund as per supply to sez, Supply from sez to gst territorial area,changed as, igst may reverse base. Export may act as from taxable dealer to other countries.

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Ajnas (Student) (844 Points)
Replied 06 July 2021

What is your answer in this case?

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Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 06 July 2021

Ajnas Ji.

Can tell me what entry do you pass in books of accounts when there is Export without payment of Tax ?????

Now let's understand with Example :
Export Supply with payment Tax :
Taxable Value = 1 lac
IGST @ 18% = 18 k
Total Invoice value = 1.18 Lac

Entry in books for above is :
Party/Client A/c Dr 1.18 lac
To export with payment Cr 1 lac
To IGST CR 18 k

Export Supply without payment of tax :
Taxable Value = 1 lac
IGST. = 0
Gross value. = 1 lac

Entry for above in Books of account:
Party/Client A/c. Dr
To Sale export without payment tax

So in 2nd case you can report 1 lac under Invoice value & same in Taxable value 1 lac .

CA Altamush Zafar (GST Consultant) (15983 Points)
Replied 07 July 2021

Invoice value means the total value coming at the end in the invoice. If there is gst invoice value will include GST. If there is no gst charged then invoice value will not include GST.

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Ajnas (Student) (844 Points)
Replied 07 July 2021

In case of zero rated supply with and without payment of tax, we dont collected gst from the receipent, supplier paid igst out of his own pocket, then invoice value in case of export with and without payment of tax is equal to taxable value, that is my doubt, am i right?

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Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 07 July 2021

no..... the invoice value in, with payment of tax is equal to taxable value + igst & whereas in case of without payment tax the invoice value & the taxable value are equal.

Imthias ahamed Kormath (910 Points)
Replied 07 July 2021

While reconcile above values,may considered as Taxable/Exempted values (Export /Sez units)Gst of them will be excluded all its points.

CA Altamush Zafar (GST Consultant) (15983 Points)
Replied 07 July 2021

That is a very good point ajnas that since gst is not collected from buyer it may not be included in invoice value.

But for Gst purpose the invoice created is added by tax amount so invoice value will include tax amount.

Ajnas (Student) (844 Points)
Replied 07 July 2021

CA Altamush Zafar sir, that means the invoice value in, with payment of tax is equal to taxable value + igst & whereas in case of without payment tax the invoice value & the taxable value are equal, am i right?

CA Altamush Zafar (GST Consultant) (15983 Points)
Replied 07 July 2021

Yes that is correct..........

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Ajnas (Student) (844 Points)
Replied 07 July 2021

CA Altamush Zafar sir, one more doubt in this case for hsn wise summery in case of Zero rated supply like export, sez etc. with and without payment of tax, we need to put IGST amont on such zero rated supply in the IGST coloumn of table 12 of GSTR 1 and table 17 of GSTR 9?

CA Altamush Zafar (GST Consultant) (15983 Points)
Replied 07 July 2021

IGST amount will have to be entered if export is with tax.

If it is without tax then no IGST will have to be shown in HSN summary.

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 11 July 2021

But the tax rate is mandatory required to be selected in HSN Summary Table else it gives error
So there will be always difference in tax value in HSN Summary & tax in Table 4 +6 + 9

Note : Earlier the HSN Summary table was accepting the Negative figures also but now ,it gives error on input of negative amount.

So in my view one cannot tally the Taxable sale & Tax amount with table 13 (HSN Summary) for the period . Reco need to prepare for the same.