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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) = ₹1,22,500

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.

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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 812 views