Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Urgent query

15 March 2018

Lets say medicine MRP 100.
we sell Medicine to 1st cutomer Rs 100
and to 2nd 90
and to 3rd 80
and to 4th 70

how much gst charge in all four cases..... .

Reply
Follow
Share

8 Replies

Rahul Prasad (CA Student) (1683 Points)
Replied 15 March 2018

Gst is transaction based tax so it will be charged on the value of medicine.

Upgrade to CAclubindia Pro. Subscribe Now!

achuth menon (274 Points)
Replied 15 March 2018

i dont know about the taxability of medicines under gst but if the input taxes are more than the the output taxes the excess input shall remain untilised and eligible for refund under section 49(6) and also see proviso to section 54(2)

kishor kotiya (13 Points)
Replied 15 March 2018

Show Your B2B GST Rate and Fix

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 15 March 2018

refund can't be claim , & Cannot charge gst on MRP

Aashish Sachdeva (839 Points)
Replied 16 March 2018

if we sell to customer... then
lets assume our costing is only 40....
how our input exceed the output......

please reply......

Upgrade to CAclubindia Pro. Subscribe Now!

achuth menon (274 Points)
Replied 16 March 2018

suppose input cost is 40 on which 20% gst is paid for which we have credit of 8 and outward supply is 60 on which which gst chargeable is 10% now if we 8 we can set off upto 6 what about the remaining 2 either set off against any other liability or go for refund

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 16 March 2018

sir , the balance in credit ledger can only disbursed against Ur tax liability only
for refund there are few condition prescribe in section 54 Cgst act

for Ur ready reference to get refund in following
Export of goods or services.
• Supplies to SEZs units and developers
• Deemed exports
• Refund of taxes on purchase made by UN or embassies etc.
• Refund arising on account of judgment, decree, order, or direction of the Appellate Authority, Appellate Tribunal, or any court.
• Refund of accumulated Input Tax Credit on account of inverted duty structure
• Finalization of provisional assessment
• Refund of pre-deposit
• Excess payment due to mistake.
• Refunds to International tourists of GST paid on goods in India and carried abroad at the time of their departure from India.
• Refund on account of issuance of refund vouchers for taxes paid on advances against which, goods or services have not been supplied.
• Refund of CGST & SGST paid by treating the supply as intrastate supply which is subsequently held as inter-State supply and vice versa.