SIR,
KINDLY CALIRIFY AS UNDER:
1.)COST OF PRODUCT Rs.7000PMT
2.) FRIGHT :- Rs.3000PMT
3.) MY SERVICE CHARGES :- Rs.100PMT
TOTAL VALUE :- 10100PMT
GST @ 18 % :- Rs.1818PMT
G.TOTAL :- Rs.11918PMT
NOW I DEPOSIT THIS GST OF Rs.1818PMT TO GST DEPT. THEN WHAT WILL BE MINE STATUS FOR AVAILING ITC UNDER GST. WHETHER I WILL BE ABLE TO TAKE FULL 18% INPUT ON ABOVE F.O.R BILLING OR NOT.
AND WHAT GAT ON FREIGHT SHOULD I BOOK IN MY BOOK OF ACCOUNTS.
REGARDS
RA VERMA
sir, basically we have a query on the GST to be charged on freight in F.O.R bills and my gst liability at the time of booking freight and set of amount under RCM system for input tax credit:
we are channel partner of RIL for pet coke and give you sale and purchase entry for the same to clarify our problem:
PURCHASE ENTRY
COST OF PET COKE RS 7000/-PMT
GST @18% INPUT TAX AVALAIBLE
FREIGHT SAY 3000/-PMT
GST ON FREIGHT 5% MY LIABILITY(accrued)
SALE ENTRY (MY CUSTOMER WANT F.O.R BILL)
COST OF COAL 7000/-PMT
MY SERVICE CHARGES 100/-PMT
FREIGHT 3000/-PMT
GST ON TOTAL RATE 18%(INPUT TAX CREDIT
WILL BE AVAILABLE TO THE CUSTOMER.
Now the point is this
1) will 18 % gst charged on freight in f.o.r bill will be set of against 5% accrued at the time of booking freight andwe deposit difference of gst amount.
or
2) I deposite full 18@ gst ., which i have charged from customer to govt then 5% accrual stands nil or that is extra liability on my hand and i get rcm benefit for input tax credit.
3)OR MY TOTAL TAX LIABILITY IS 23 % on freight component but i will get tax benefit of 18% only and balance 5% gst on freight becomes cost of purchase.
Pl clarify the same so we may proceed further
regards
RA VERMA
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