Question

D) Smt. Bhavika Sanghavi is a retail trader. She has paid GST of 6000
on purchase for the month of July 2019. She has collected GST of
8000 on sale for the said month. Find the GST payable for July 2019.
on : GST payable is the GST to be paid to central and state government.
(i) Output tax =
(11) Input tax =
(iii). Input tax credit (ITC) = *
(iv).. GST payable = Out put tax on sale - ITC (on purchase)
(v) .. CGST payable =
(vi) SGST payable =​

Answer 1

Answer:

(i) Output Tax = 8000

(ii) Input Tax = 6000

(iii) Input Tax Credit = 6000

(iv) GST Payable = 2000

(v) CGST Payable = 1000

(vi) SGST Payable = 1000

Step-by-step explanation:

(i) Output Tax is the GST collected on sale. Hence, Output tax = 8000.

(ii) Input Tax is the GST paid on purchase. Hence, Output tax = 6000

(iii) Input Tax Credit is the total input tax available for set off = 6000

(iv) GST Payable = Output Tax - Input Tax Credit = 8000-6000 = 2000

(v) GST Payable is equally shared between central and state government. Hence, CGST = 1000

(vi) GST Payable is equally shared between central and state government. Hence, SGST = 1000

Answer 2

Answer:

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