Question

4) Mr. Rohit is a retailer. He paid GST of 7 6500 at the time of purchase. He collected GST of
8000 at the time of sale.
a) Find his input tax and out put tax.
b) What is his input tax credit?
c) Find his payable GST.
d) Hence find his payable CGST and SGST.​

Answer 1

Answer:

1. ₹ 7650

2. ₹ 8000

3. ₹ 350

4. ₹ 175

Step-by-step explanation:

1. Mr.Rohit paid GST of ₹ 7650

therefore , his input tax = ₹ 7650

2. Mr.Rohit collected GST of ₹ 8000

therefore , his output tax = ₹8000

3. His payable GST = Output tax - ITC ( Input tax )

GST = ₹ 8000 - ₹ 7650

GST = ₹ 350

4. Payable CGST = SGST = 1 ÷ 2 × GST

= 1 ÷ 2 × 350

= ₹ 175

Answer 2

Given :  Mr. Rohit is a retailer. He paid GST of ₹6500 at the time of purchase. He collected GST of ₹ 8000 at the time of sale.

To Find : a) Find his input tax and out put tax.

b) What is his input tax credit?

c) Find his payable GST.

d) Hence find his payable CGST and SGST.​

Solution:

input tax = ₹6500

out put tax =  ₹ 8000

Input tax credit   =  GST Paid

GST Paid = ₹6500

Hence Input tax credit   =  ₹8000

Input tax credit   is to be subtracted / reduced from the GST collected while paying GST to government

payable GST.  = 8000 - 6500  = ₹1500

payable CGST and SGST.​ = 1500 /2 =  ₹750

GST - Goods & service Tax

IGST - interstate

CGST - Central GST

SGST - State GST

GST = IGST interstate

CGST = SGST = GST/2 =  Intra state ( with in same state)

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