Hello, Hope Everyone is doing well.
We are a firm dealing in second hand goods like shoes and clothing, and we fall under margin scheme of GST.
I have a few questions related to that -
1) While calculating the purchase price do we include Product cost + adverstisement costs + shipping costs which are added in order to sell the product ?
2) My accountant filed GSTR-1 AND GSTR-3B as nil last month, as the margin was negative. Even tho we had sales worth 23L and purchases were coming round about 26L. But we filed GSTR-1 AND GSTR-3B as nil. Is this correct ? If not then how can we show the negative margin and no gst liability.
3) Can we claim ITC on advertisement expenses and shipping costs while including them as part of the purchase ?
CAclubindia
