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## 1. ‘Chetana Store’ paid total GST of ₹ 1,00,500 at the time of purchase and collected GST ₹ 1,22,500 at the time of sale during 1st of July 2017 to 31st July 2017. Find the GST payable by Chetana Stores.Given : Input tax (tax collected at the time of purchase) = ₹1,00,500 Output tax (tax collected at the time of sale) = ₹1,22,5002. Nazama is a proprietor of a firm, registered under GST. She has paid GST of ₹12,500 on purchase and collected ₹14,750 on sale. What is the amount of ITC to be claimed? What is the amount of GST payable? Given : GST paid by Nazama on purchase = Input tax = ₹12,500 GST collected by Nazama on sale  = Output tax = ₹14,750 To find : (i) Amount of ITC to be claimed     (ii) Amount of GST payable.

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1. Sol. GST payable by Chetana store = Output tax – ITC
= 1,22,500 – 1,00,500
= ₹22,000
GST payable by Chetana store         = ₹22,000

2. Sol.
(i)  We know that
Input tax credit is GST paid on purchase = input tax = ₹12,500
∴    Amount of ITC to be claimed = ₹12,500.
(ii)  Now, Amount of GST payable = Output tax – ITC
= 14,750 – 12,500
= ₹2,250
∴   Amount of GST payable = ₹2,250

Financial Planning for Math I September 15 , 2018 0 Comments 739 views