Question

kisan enterprises purchased urea having taxable value rs 18000 and sold to the customer at 22000 . rate of gst is 12% .find the input and output tax of kisan enterprises

Answer 1

In terms of section 50(1) of the Act, where a person is liable to pay tax fails to pay the tax or any part within the period prescribed, interest payable at the rate of 18%. When recipient has made an excess or undue claim of ITC as per section 42(10) of the Act, rate of interest applicable will be 24%

Answer 2

in atomic 50 purchase urea having taxable spot to the customer of warranty 200000000000