Register Now

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Morbi adipiscing gravdio, sit amet suscipit risus ultrices eu. Fusce viverra neque at purus laoreet consequa. Vivamus vulputate posuere nisl quis consequat.

Register Now

Lost Password

Lost your password? Please enter your username and email address. You will receive a link to create a new password via email.

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) = ₹1,22,500

2. 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.

Print or Save

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 71 views