how to calculate .......gst if my gross is 10000...and gst rate 12% then how to calculate gst.....includingly or excludingly.
.....
Work constructor
MD HUSSAIN (195 Points)
21 August 2019
11 Replies
Akshay Jain
(Tax Consultant)
(1024 Points)
Replied 21 August 2019
You have to calculate Excluding the GST.
10000+12% GST
as if this is an government contract, then you will get 2% TDS cutted at the time of billing of the contract which would you get in your cash ledger after filling TDS TCS return.
10000+12% GST
as if this is an government contract, then you will get 2% TDS cutted at the time of billing of the contract which would you get in your cash ledger after filling TDS TCS return.
Akshay Jain
(Tax Consultant)
(1024 Points)
Replied 21 August 2019
you have to calculate GST 12% at the time of issuing bill and uploading on portal.
Example (Taxable amount+(12% of Taxable amount)) means (10000+(12% of 10000)=11200)
2% GST TDS will auto credited after you will file your GST - TDS TCS return.
Example (Taxable amount+(12% of Taxable amount)) means (10000+(12% of 10000)=11200)
2% GST TDS will auto credited after you will file your GST - TDS TCS return.
Akshay Jain
(Tax Consultant)
(1024 Points)
Replied 21 August 2019
Your gross is your Taxable Amount i.e. 10000
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 21 August 2019
Dear MD Hussain
First of all check your Contract Agreement Letter , whether supplyof good is inclusive of GST or excluding GST.
If inclusive of GST : Then Taxable Amount will be Rs .8929 & GST will be 1071/- & TDS will be deducted on 8929/-
If excluding .of GST : Then Taxable Amount will be Rs.10000/- & GST will be 1200/- & TDS will be deducted on 10000/-
First of all check your Contract Agreement Letter , whether supplyof good is inclusive of GST or excluding GST.
If inclusive of GST : Then Taxable Amount will be Rs .8929 & GST will be 1071/- & TDS will be deducted on 8929/-
If excluding .of GST : Then Taxable Amount will be Rs.10000/- & GST will be 1200/- & TDS will be deducted on 10000/-
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