I wanted to know that we receive materials from CFA at say 15% on MRP now what happens is we distribute same at 27% on MRP so cost price is greater than selling price the loss what happens between CP & SP that company reimburse along with our margin I wanted to know is there any problem with the department regarding the billing more
Johar ji & other members, My understanding with the version of Johar ji is that you get material from CFA and CFA allows you 15% of MRP as your selling margin. With this my explanations are, 1] Your cost price is 85% of MRP. This CP will include IGST already paid by the manufacturer. 2] Your selling price can not exceed MRP. 3] You as a seller need to know the base price of manufacturer and IGST paid by the manufacturer. 4] Seller will recover Manufacturers Base Price+IGST paid by Manufcturer+CFA Cost+Seller's margin from the Purchaser and this total should not exceed MRP. 5] If the Seller recovers GST from the Purchaser higher than the IGST paid by the Manufacturer, Sellers tend to get higher collection for the government and that to me will be an unfair trade practice although Seller has kept 15% as its margin and has not charged the Purchaser more than MRP. 6] There is no possibility when the Selling Price becomes less than the Cost Price. 6] What is the remedy for all that for being fair in trade practice. Transparency in the practices and CFA must declare the base price of manufacturer and IGST booked by Manufacturer. more
we have a small manufacturing unit. we are not in excise. however we buy excised material. no body is sure how much credit we can take from excised bills. can anybody help us more
How such a transaction is possible in a business in a routine manner or regularly. Input tax is more than output tax and then you are being compensated for the loss. It could be possible in isolation but not a regular business. It would all be suspicious in my view. more
GST office dont make any gate pass , no security checks . Is this to facilitate people to walk in with cash and gifts for officials. What happens if terrorist gets in .
Indian taxation is truly hell, the average Indian gets paid 20x less than average westerner but pays 10x more for essentials like laptops while 50x for cars. This is literally butchering the middle...
According to my husband, Corruption in GST starts from registration itself now. Getting told it's impossible to get it done in Delhi without a bribe. You get a query for more docs with t...
You can get a rate card for everything in gst office Registration 10k Assessment where no tax payable 15 k Refunds 4% This is what a friend is saying. LC Manager must esc...
Nephew had applied for GST cancellation a couple of months back but continues to receive notices from GSTN for failure to file monthly return. His accountant tells him that GST office will not proc...
7 years post the launch of GST I must tell you that most retail services businesses in India still evade it and Govt has failed to do anything. From ac repair fellow to caterers and from...
My cousin’s friend runs a local bakery in Goa. He accepts only CASH. No UPI/CC/Debit Card-- nothing! Logic: if he accepts anything in 'white', he will pay around...
Interesting how poor people and commoners pay GST on pretty much everything they buy from biscuits to namkeen, milk to grocery And rich buys iPhone, Luxury Cars, etc as Business Expenses...
Cut & polished diamonds are charged 1.5% GST. Flour & curd are charged 5% GST. Diamond walas can fund politics but aate dahi doodh walas can’t?? Plea...
The GST Council has recommended 5% GST on dairy items like pre- packed, pre-labeled curd, lassi and butter milk and increasing GST on dairy machinery and milking machines from 12% to 18%. This move...
Bicycle will attract a GST rate of 12%, but diamonds will attract only 0.25%. At a time when people aren't able to afford petrol & the poor are forced to commute on cycles, the govt charges 12%...
By Ruchika L Maheshwari
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