India GST Scenario:
Scenario Elaborated as below
1. The Material is purchased at base of 60000 INR
2. Vendor provides the Invoice for the Assessable value of 70000 ( Base price 60000 + 10000 Amortisation Cost) ; Here Vendor calculates the Tax of 28 % GST on Assessable value which is 70000.
3. So while posting in MIRO we would like to post in such a way that Taxes of 28% should get calculated on Assesseble value (70000) which includes both the Base Price + Amortisation cost but the Vendor should be paid only for Base Price + Taxes Calculated on Assessble value
Means,
60000 - Base Price
10000 - Amortisation cost
So Assesseble became 70000
Taxes of 28% GST on Assessable value = 19600
Vendor Payment Should be made for Base Price + Tax Calculated on Assessable
(60000 + 19600) = 79600
Thanks to Assist.