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Tax calculation under composition scheme
What is the tax liability for a composite dealer when supplying tax free or taxable items or both.
Replies (13)
If tax free item, He don't want pay any Tax except RCM.
If taxable supply he ll be pay Tax on his T/O.
If taxable and Tax free supplies then he ll be pay Tax his turn over (Taxable + Tax free = Turn Over)
If taxable supply he ll be pay Tax on his T/O.
If taxable and Tax free supplies then he ll be pay Tax his turn over (Taxable + Tax free = Turn Over)
tax on only taXable item, please mention your status like manufactuet, whole seller or retaile
May be anyone....
Stand above reply.....
Stand above reply.....
1% for traders and 2% for manufacturer on his total sales/ outward supplies.
rcm applicable also
RCM can't be calculated in T/O....
Retailers
Dear Nishant.,
Any business you calculate tax is above said way. RCM is not in TO. Bcoz, That is inward supplies not outward......
Any business you calculate tax is above said way. RCM is not in TO. Bcoz, That is inward supplies not outward......
A retailer supplied goods of Rs 100000/-(including rs 70000/- taxable goods, Rs. 30000/-
he calculate tax on 1lakh....
A retailer supplied goods of Rs 100000/-(including rs 70000/- of taxable goods, Rs. 30000/- of tax free goods)
So how much a retailer need to pay in account of tax @ 1%(.5% cgst +. 5% sgst)
So how much a retailer need to pay in account of tax @ 1%(.5% cgst +. 5% sgst)
Rs. 100000*1%=1000.
500 + 500
500 + 500
As per Clause (a), Sub Sec 2 of Sec 10 person engaged in making any supply of goods which is not liable to tax under GST Act is not eligible to opt for composition scheme.
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