I am an air travel ticket booking agent( middleman between air travel agency and client). I'm purchasing tickets from travel agent and selling it to clients by adding my margin. what will be my taxable value.?
Ex:- Purchasing ticket from travel agent @ Rs.10,000 and selling it to client @ Rs.10,500. That 500 rupees is my margin and i'm paying gst for this as this amount includes gst.(taxable value - Rs.423.73(500×100/118), cgst and sgst- Rs.38.13 each). so should i take Rs.423.73 or Rs.10,423.73 as my taxable value.? please help.! Thanks in advance.
8 Replies
Sabareesh
(Consultant in Tax)
(524 Points)
Replied 15 August 2019
Valuation rules gives you option to adopt anything. So you can either charge 18% on 10,423 or 423
RAHUL
(Student)
(206 Points)
Replied 15 August 2019
but when i take Rs.10,423 as my taxable value, the hsn summary column in gstr 9 return shows error.! so what should i do.?
Sabareesh
(Consultant in Tax)
(524 Points)
Replied 15 August 2019
Take 423 as taxable value and 10,500 as invoice value
RAHUL
(Student)
(206 Points)
Replied 15 August 2019
ok.. i was taking 10,423 as taxable value till july 2019, so if i change it to 423.. is there any problem..??
Shivam RC
(Student)
(23683 Points)
Replied 15 August 2019
As per SECTION 15 of the CGST Act 2017, GST is levied on "TRANSACTION VALUE". Your Transaction Value is Rs. 423.
subhagan sreerangam
(7046 Points)
Replied 15 August 2019
Please mention Purchase Value of Air Ticket Exclude GST.
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