Goods and Services Tax – Started By: – MELVIN KOSHY – Dated:- 24-8-2017 Last Replied Date:- 24-8-2017 – Assume a Contractor who is quoting for a Govt. Dept Work. An illustration on arriving at final rate of an item by a Contractor for an item to be quoted in price bid is as followsBASIC PRICE (A)Subtract DISCOUNT (B)Add TRANSPORTATION (C)Add PROFIT (D)Add GST at 18% on (A+B+C+D) = (E)TOTAL (F) = A+B+C+D+EAmount quoted by Contractor in price bid = FAs we know, Govt. Dept will incur 12% towards G
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