1 Lot Amar, Ram and Rahim be three dealers belonging
to different states. Dealer Amar sells some
products/services to dealer Ram for Rs 1000 and
dealer Ram sells the same products/ services to
dealer Rahim at a profit of Rs 300. Calculate the tax
liability of Ram, if the rate of GST is 12%.
Answers
Given : Amar, Ram and Rahim be three dealers belonging different states.
Dealer Amar sells some products services to dealer Ram for Rs 1000
dealer Ram sells the same products/services to dealer Rahim at a profit of Rs 300.
To Find : tax liability of Ram,
Solution:
Different State
so GST will IGST
Dealer Amar sells some products services to dealer Ram for Rs 1000
IGST Charged = (12/100)1000 = Rs 120
Ram sells the same products/services to dealer Rahim at a profit of Rs 300.
Selling Price = 1000 + 300 = Rs 1300
IGST Charged = (12/100)1300 = Rs 156
tax liability of Ram = IGST Collected - ITC
ITC = Input Tax credit = Rs 120
IGST Collected by Ram = Rs 156
tax liability of Ram = 156 - 120 = Rs 36
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