Question

10 URU.
7)
A jewellery manufacturer in Surat (Gujarat) sold a bracelet to a dealer in Rajkot (Gujarat)
for 80000. This bracelet was then sold to a dealer in Cuttack (Odisha) for 95000. If the
GST rate for gold jewellery is 3%, calculate
i) The net GST payable at Rajkot
Input Tax Credit for the dealer in Cuttack​

Answer 1

Answer:

450 and ITC 80000

Step-by-step explanation:

A jewellery manufacturer in surat (Gujarat) sold a bracelet to a dealer in Rajkot (Gujarat) = 80000

Input Tax Credit = 80000 ( input tax credit will be the same amount)

therefore, 95000 - 80000

= 15000

the rate of GST = 3% of 15000

= 3 by 100 x 15000 (cancel the zero, the remaining number will be 150 and multiply with 3,

150 x 3 = Rs450

their answer will be Rs450

So, therefore the net GST payable at Rajkot is equal Rs450 and The Input Tax Credit (ITC) is equal Rs80000

Answer 2

How is the input tax credit ₹80,000??

Its not 80,000 its ₹2850...

This is the final answer given by my teacher...

she didn't show the steps...

So could you please help me with the steps to reach to this ans ₹2850?