A registered dealer purchased garments worth RS. 250000 from a manufacturer in the same
state. The value of his supplies in interstate transactions was rs.30000. He sold the remaining
stock for rs.260000 within the state. Find the net IGST, CGST and SGST payable by him, if
the GST rate is 12%.
Answers
Answered by
46
Firstly, Gst levied in interstate would be IGST
And for within the state, it is CGST and SGST.
And from recent circulars and notifications, the council has clarified that first IGST credit is to be utilised fully and only then CGST and SGST.
Net liability payable is after availing input tax credit on purchases made by the dealer .
Available input credit is CGST- 15000(250000*6%) and SGST-15000(250000*6%)
And output tax liability is IGST- 3600(30000*12%) CGST-15600(260000*6%) AND SGST-15600(260000*6%)
THEREFORE PAYABLE IS
IGST-3600
CGST-600(15600-15000)
SGST-600(15600-15000)
Answered by
2
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