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  
Post a Comment

Related Posts

    • GST Rates - rationalise to avoid evasion.

      I feel the GST rates are exorbitant, 18% on spare parts / labour- I feel has it been 10% parts & 5% labour would have garnered more revenue, with more & more consumers willing to pay withou...

      By SANJEEV KUMAR
      /
    • Transporters biggest culprit in GST

      Transporters are the biggest culprits in messing GST up and its failure. These guys are offering two prices to the recipient. One with GST and one without. The one with GST sa...

      By Vishal Khanna
      /
    • Looters being empowered?

      There are only two kinds of really rich Indians. Wealth creators and looters. The Prime Minister declared his respect for wealth creators in his Independence Day speech this year, acknowledging the...

      By Ruchika L Maheshwari
      /
    • GST evasion by traders continues unabated

      See attached this chain called kabliwala in noida sells dry fruits and lots of food items but doesnt give pakka bill with gst number. They have 4 stores computer yet kachha bills. Shame.

      By Sudesh Rai
      /
    • GsTR9

      GsTR9 If a dealer has availed ITC based on physical invoices and same not reflected in GSTR2A for 17-18 financial year how to rectify in GSTR9 now ...My Ans..Nothing to worry just fill all col...

      By Krishna Prasad
      /
    • GsTR9

      If a dealer has availed ITC based on physical invoices and same not reflected in GSTR2A for 17-18 financial year how to rectify in GSTR9 now

      By KAMESWARA RAO MYLAVARAPU
      /
    • Govt considering increasing GST rates

      Because of all the shortfall seems like Govt is considering increasing GST rates. It is looking raising rates on goods and services attracting zero tax to 5 per cent, and to 12 per cent from 5 per ...

      By Naina Mittal
      /
    • GST collections dipping why?

      GST collection was supposed to be 110,000 crore in September. Instead it is at 92000 crores. Indicates slowing economy to me. What do others know, think?

      By Naina Mittal
      /
    • Make gst pct display mandatory for hotel sites

      Travel sites like makemytrip are not mentioning GST rates but only amount in booking processes. GST rates have been reduced on various hotel room categories and if % are shown mandatorily ppl will ...

      By Amod Agarwal
      /
    • Help needed related to closing company having pending GST penalty

      Hi, I am looking advise/suggestion on the following problem. I had started a tech startup 3 years back. I failed to create a sustainable business and now moved back to corporate job. I have filed G...

      By Santosh Shet
      /
    • No GST return no eway bill

      Starting 1st Nov unless returns are filed , e-way bills cannot be generated .Alerts will be sent to non- filers after which they will not be able to generate e-way bills if still returns are not fi...

      By Naina Mittal
      /
Share To
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)