Clarification needed

If a product has base price 1000 and say its gst rate is 12%. That means its mrp is 1120.

Now if I sell product for 300 because of liquidation, do i still need to deposit 120 rupees to govt as tax?

Please also share what law is this if you know section etc? more  

View all 6 comments Below 6 comments
You deposit only on price sold Rs.36/- if sold at 300 more  
Please refer to Section 15 of CGST Act 2017. The discount amount needs to be mentioned in the tax invoice for the levy of gst on the reduced price and you have not claimed input tax credit. In your case Rs.700 should be mentioned in tax invoice and you have to reverse input tax credit on Rs.700 if you have claimed it, then gst will be applicable on Rs.300 only. more  
Dear members here I have a querry that what will be my GST liability on free samples that is something I am giving free of cost to someone? more  
There is no gst liability for free samples. more  
You have to pay GST on the price you sell more  
No concept of Maximum Retail Price, whether you are carrying out business to continue or heading to closure, so long you have valid GSTIN i.e. GST Registration no. you have to pay GST on actual sales price. more  
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