Please answer the Question
Please refer bill ( as a Example ) attached herewith ( taken from post of Mr RN Chopra in connected consumer )
Cake Price is Rs 350 /-
( Basic price = material with GST + labour + profit 10% )
Haldirams collected GST @ 18% from Consumer i.e Rs 63/-
Thus Consumer has to give Rs 413 /- as a total
Net Rs 413 is collected by Haldirams
Now , Haldiram has to pay GST on his amount collected .
Setback will be taken on already paid GST on material .
Question is
Whether Haldirams has to pay GST @ 18% on Rs 350 /- Or Rs 413 /- ?
If Haldiram is paying @18% GST on Rs 350 /- then he has to pay Rs 63 to Government which he has collected from Consumer .
If Haldiram is paying @18% GST on Rs 413 /- then he has to pay Rs 74.34/- to Government which is more than collected money from consumer ie Rs 11.34/- .
If haldiram has to pay extra Rs 11.34 . So how he will adjust this extra amount ?
please suggest .
This is important considering Rate analysis for fixing commodity prices which requires in all commercial works . more
Cake Price is Rs 350 /-
( Basic price = material with GST + labour + profit 10% )
Haldirams collected GST @ 18% from Consumer i.e Rs 63/-
Thus Consumer has to give Rs 413 /- as a total
Net Rs 413 is collected by Haldirams
Now , Haldiram has to pay GST on his amount collected .
Setback will be taken on already paid GST on material .
Question is
Whether Haldirams has to pay GST @ 18% on Rs 350 /- Or Rs 413 /- ?
If Haldiram is paying @18% GST on Rs 350 /- then he has to pay Rs 63 to Government which he has collected from Consumer .
If Haldiram is paying @18% GST on Rs 413 /- then he has to pay Rs 74.34/- to Government which is more than collected money from consumer ie Rs 11.34/- .
If haldiram has to pay extra Rs 11.34 . So how he will adjust this extra amount ?
please suggest .
This is important considering Rate analysis for fixing commodity prices which requires in all commercial works . more
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Oct 31
The major advantage of GST is no tax on tax already paid. Therefore the Base price Rs. 350 will not have any tax component i.e. GST paid of materials. Thus Haldiram will collect Rs. 63 as GST, then adjust what is already on materials (say for example. Rs.20 GST paid on materials) then remits Rs. 43 to the government. more
Jul 14
As such there is apparently nothing wrong. GST 18% has been charged on the taxable value. However, the format of Tax Invoice is not as per the extant provisions which is a clear violation. About non-passing of benefits, the matter may be reported to the Authority constituted for anti-profiteering if same cake was bought pre-GST at lower than Rs.423. more
Jul 14
GST is an indirect tax, ultimately collected by consumer. the person collecting it is a registered dealer in GST . He has power to collect correct tax from consumer. as i see the bill is isued on 1/7/17 , gst was interoduced, dealer Haldiram will pay net tax payable after deductning the gst paid by him either on purchase of cake as it is or on raw matterials consumed in its manufacturing, this is the essence of gst ie dealer gets benefit of tax already paid as Input Tax Credit. more
Jul 16
Please note Haldiram pays to the covet what he collects i.e. Rs 63 less the get he has aid on the inputs. So overall this is how it works - from his books of account the total GST collected less the GST paid is sent to the government jus as the excise working was being done earlier. Connection of GST value to each item would be unnecessary and impossible to trail and is not needed, but is possible in this digital age if desired. more
Jul 14
GST is an indirect tax, ultimately collected by consumer. the person collecting it is a registered dealer in GST . He has power to collect correct tax from consumer. as i see the bill is isued on 1/7/17 , gst was interoduced, dealer Haldiram will pay net tax payable after deductning the gst paid by him either on purchase of cake as it is or on raw matterials consumed in its manufacturing, this is the essence of gst ie dealer gets benefit of tax already paid as Input Tax Credit. more
Jul 16
