A company provided Z-security services for the
taxable value of ₹64,500. Rate of GST is 18%.
Company had paid GST of ₹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.
Answers
Step-by-step explanation:
company paid GST Rs 1550 for laundry services
and uniforms, etc.
lTC = Rs 1550
Output tax of the company = 18% of 64500
=18/100*64500
=Ra 11610
GST payable = output tax - ITC
= 11610 - 1550
= Rs 10060
CGST = SGST =1/2* GST
= 1/2* 10060
= Rs 5030
Amount of ITC = To 1550 , CGST = SGST = RSVP 5030.
Answer:
Output tax = 18% of 64500
= 18/100 × 64500
= Rs 11610
Input tax = Rs 1550
GST payable = Output tax - ITC
= 11610 - 1550
GST payable = Rs 10060
SGST = CGST = GST payable/2
= 10060/2
= Rs 5030
Therefore, Amount of ITC is Rs 1550. Amount of CGST and SGST payable by the company is Rs 5030 each.
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