Tax computation
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The document outlines the tax computation process under India's GST system for a merchant selling goods through an e-commerce platform. It shows that the merchant pays 12% GST on goods sold but can claim a tax credit of 18% GST paid on commission fees to offset against taxes owed, resulting in a net tax payable of Rs. 93 to the government. It also lists the various GST return forms and due dates that merchants must file, and provides an annexure specifying the Central Government's rates of Integrated GST ranging from 0.25% to 28% for different categories of goods.
Tax computation
- 2. PropertyofCluesNetworkPvt.Ltd.-Strictlyprivate&confidentialPropertyofCluesNetworkPvt.Ltd.-Strictlyprivate&confidential Order Cycle and Taxes Customer pays Rs. 1120 to Shopclues Merchant Customer Receives Order Pay GST of Rs.93 to Government on income received from Customer after deducting GST Credit. Use input credit of Rs.27 which is tax on fees deducted by ShopcluesValue of Good sold to customer : Rs.1000 GST @ 12% charged on Bill : Rs.120 Selling & Fulfilment Fees paid to Shopclues Rs.150 GST @ 18% charged on Bill : Rs.27 Customer Invoice Value of goods Rs.1000 Add: GST Rs. 120 Total Rs.1120 Merchant Invoice Commission Rs.150 Add: GST Rs.27 Total Rs.177 Tax Calculation GST on Income Rs.120 Less: GST Credit Rs.27 Net tax payable Rs.93 Merchant receives Rs. 943 from Shopclues after commission
- 3. PropertyofCluesNetworkPvt.Ltd.-Strictlyprivate&confidentialPropertyofCluesNetworkPvt.Ltd.-Strictlyprivate&confidential Tax Computation under GST system Particulars Tax Under GST System Value of Goods sold to Customer 1000 Add : VAT - GST @12% 120 Total Receivable from Customer 1,120 Less: Commission paid to Shopclues @15% -150 Less : Service Tax/GST @18% -27 What Merchant receives from Shopclues 943 Less : Tax to be paid to Govt. - 93 Net Income 850 Only a registered merchant can take benefit of the GST credit paid on it’s purchases. Net Tax Calculation GST Payable Rs.120 (-) Input GST Rs.27 Net GST Payable Rs.93 Please note official GSTIN of ShopClues Name: Clues Network Pvt. Ltd. GSTIN: 06AAECC3074B1Z6
- 4. PropertyofCluesNetworkPvt.Ltd.-Strictlyprivate&confidentialPropertyofCluesNetworkPvt.Ltd.-Strictlyprivate&confidential GST Returns to be filed Forms Description Due Date GSTR-1 Details of outward supplies of taxable goods and/or services effected 10th of the next month GSTR-2 Details of inward supplies of taxable goods and/or services effected claiming input tax credit. TBA GSTR-3B Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax 20th of the next month GSTR-9 Annual Return TBA
- 5. PropertyofCluesNetworkPvt.Ltd.-Strictlyprivate&confidentialPropertyofCluesNetworkPvt.Ltd.-Strictlyprivate&confidential Annexure: Central Government notified rate of Integrated Goods and Services Tax (IGST) S No. IGST Rate Schedule 1 5% In respect of goods specified in Schedule I 2 12% In respect of goods specified in Schedule II 3 18% In respect of goods specified in Schedule III 4 28% In respect of goods specified in Schedule IV 5 3% In respect of goods specified in Schedule V 6 0.25% In respect of goods specified in Schedule VI