Anna Patil (Thane, Maharashtra) supplied vacuum cleaner to a shopkeeper in Vasai (Mumbai) for the taxable value of Rupees 14,000, and GST rate of 28%. Shopkeeper sold it to the customer at the same GST rate for Rupees 16,800 (taxable value) Find the following - Solve the word problem
(1) Amount of CGST and SGST shown in the tax invoice issued by Anna Patil.
(2) Amount of CGST and SGST charged by the shopkeeper in Vasai.
(3) What is the CGST and SGST payable by shopkeeper in Vasai at the time of filing the return.
Answers
Dear Student,
◆ Answers with Explanation -
Rate of GST is 28 %. Thus rate of CGST and SGST each will be 28/2 = 14 %.
(1) Amount of CGST and SGST shown in the tax invoice issued by Anna Patil -
CGST paid = taxable value × rate of CGST
CGST paid = 14000 × 14/100
CGST paid = 1960 Rs
SGST in tax invoice will be same as CGST.
SGST paid = CGST
SGST paid = 1960 Rs
(2) Amount of CGST and SGST charged by the shopkeeper in Vasai -
CGST paid = taxable value × rate of CGST
CGST paid = 16800 × 14/100
CGST paid = 2352 Rs
SGST in tax invoice will be same as CGST.
SGST paid = CGST
SGST paid = 2352 Rs
(3) CGST and SGST payable by shopkeeper in Vasai at the time of filing the return -
Effective CGST = 2352 - 1960
Effective CGST = 392 Rs
Effective SGST will be -
Effective SGST = 2352 - 1960
Effective SGST = 392 Rs
Hope this helps you...
Answer:
For Anna Patil:
Output tax = 28% of 14,000
= 28/100 × 14000
= Rs 3920
CGST = SGST = GST/2
= 3920/2
= Rs 1960
Therefore, Amount of CGST and SGST shown in the tax invoice issued by Anna Patil is Rs 1960 each.
For shopkeeper in Vasai:
Output tax = 28% of 16,800
= 28/100 × 16,800
= Rs 4704
CGST = SGST = GST/2
= 4704/2
= RS 2352
Therefore, Amount of CGST and SGST charged by the shopkeeper in Vasai is Rs 2352 each.
ITC = Rs 3920
GST payable by shopkeeper in Vasai
= Output tax - ITC
= 4704 - 3920
= Rs 784
CGST = SGST = GST/2
= 784/2
= Rs 392
Therefore, CGST and SGST payable by shopkeeper in Vasai at the time of filing the return is Rs 392 each.
нορє γου υи∂єяѕτοο∂ мατє!!