Amir Enterprise purchased chocolate sauce bottles and paid GST of Rs. 3800. He sold those bottles to Akbari Bros. and collected GST of Rs. 4100. Mayank Food Corner purchased these bottles from Akabari Bros and paid GST of Rs. 4500. Find the amount of GST payable at every stage of trading and hence find payable CGST and SGST.
Amir Enterprise:Input GST = Rs.3800Output GST = Rs. 4100∴ GST Payable = Output Tax – ITC= 4100 – 3800 = Rs. 300We know that CGST and SGST are components of GST.CGST is always equal to SGSTi.e. GST = CGST + SGSTLet CGST and SGST be x.Then GST = x + x⇒ 300 = 2x⇒ x = 150∴ CGST, SGST […]
Nazama is a proprietor of a firm, registered under GST. She has paid GST of Rs. 12,500 on purchase and collected Rs. 14,750 on sale. What is the amount of ITC to be claimed? What is the amount of GST payable?
GivenOutput Tax (tax collected at the time of sale) = Rs. 14,750Input Tax (tax paid at the time of purchase) = Rs. 12,500∴ Input Tax Credit, ITC = Rs. 12, 500We know that GST Payable = Output Tax – ITC⇒ GST Payable = 14, 750 – 12, 500= Rs. 2, 250
‘Chetana Store’ paid total GST of Rs. 1,00,500 at the time of purchase and collected GST Rs. 1,22,500 at the time of sale during 1st of July 2017 to 31st July 2017. Find the GST payable by Chetana Stores.
GivenOutput Tax (tax collected at the time of sale) = Rs. 1,22,500Input Tax (tax paid at the time of purchase) = Rs. 1,00,500∴ Input Tax Credit, ITC = Rs. 1, 00, 500We know that GST Payable = Output Tax – ITC⇒ GST Payable by Chetana stores = 1, 22, 500 – 1, 00, 500= Rs. 22, 000