Question

at the time of
Nazama is a proprietor of a firm, registered under GST. She has paid GST of * 14750 on the
purchase and collected * 16870 on sale. What is amount of ITC to be claimed ? What is the
amount of GST payable ?
ST char
.: M&
INQ INTEREST​

Answer 1

Answer:

Given that,

GST paid by Nazama on purchase = Input tax = Rs12500

GST collected by Nazama on sale = Output tax = Rs14,750/−

(i) We know that

Input tax credit is GST paid on

Purchase = input tax = Rs12,500

∴ Amount of ITC to be claimed = Rs12,500/−

(ii) Now, Amount of GST payable = out put tax - ITC

=14,750−12,500

=Rs2250

Then,

Amount of GST payable = Rs2250/−