Question

A company provided Z-security services for the taxable value of Rupees 64,500. Rate of GST is 18%. Company had paid GST of Rupees 1550 for laundry services and uniforms etc. What is the amount of ITC (input Tax Credit) ? Find the amount of CGST and SGST payable by the company. Solve the word problem

Answer 1

Answer:

ITC (input Tax Credit) = Rs 1550

Rs 775 against each SGST & CGST

amount of CGST and SGST payable: Rs 5030 Each

Step-by-step explanation:

taxable value = Rs 64500

GST = 18 %

=> CGST = 18/2 = 9 %

& SGST = 18/2 = 9 %

CGST Value = (9/100) * 64500 = Rs 5805

SGST Value = (9/100) * 64500 = Rs 5805

GST of Rupees 1550 paid

=> CGST = SGST = 1550/2 = Rs 775

ITC (input Tax Credit) = Rs 1550

Rs 775 against each SGST & CGST

the amount of CGST and SGST payable by the company

= 5805 - 775   = Rs 5030 Each

Answer 2

Answer:

ITC (input Tax Credit) = Rs 1550

Rs 775 against each SGST & CGST

Amount of CGST and SGST payable: Rs 5030 Each

Step-by-step explanation:

As per question

Taxable value = Rs 64500

GST = 18 %

=> CGST = $\frac{18}{2}$ = 9 %

Value of  SGST = $\frac{18}{2}$ = 9 %

Value of CGST = $\frac{9}{100}\times 64500$ = Rs 5805

Value of SGST= $\frac{9}{100}\times 64500$ = Rs 5805

GST of Rupees 1550 paid

=> CGST = SGST = $\frac{1550}{2}$ = Rs 775

ITC (input Tax Credit) = Rs 1550

Amount Rs 775 against each SGST & CGST

The amount of CGST and SGST payable by the company

= 5805 - 775   = Rs 5030 Each

Hence, ITC (input Tax Credit) = Rs 1550

Rs 775 against each SGST & CGST

Amount of CGST and SGST payable: Rs 5030 Each