Question

M/s ON trader purchased solar panels for the
taxable value of 95,000 and sold them for
1,05,000. The rate of GST is 5%. Find the Input tax credit (ITC) of M/S ON Trader. what is the amount of GST payable by M/S ON Trader​

Answer 1

Answer:

M/s ON trader purchased solar panels for the taxable value of 95,000 and sold them for 1,05,000. The rate of GST is 5%. Find the Input tax credit (ITC) of M/S ON Trader. what is the amount of GST payable by M/S ON Trader​. Add answer+5 pts. Log in to add comment. rs2893815 is waiting for your help.

Step-by-step explanation:

good luck

Answer 2

Given : M/s ON trader purchased solar panels for the taxable value of 95,000 and sold them for 1,05,000.

The rate of GST is 5%.

To Find :  the Input tax credit (ITC) of M/S ON Trader.  

the amount of GST payable by M/S ON Trader​

Solution:

ITC = input tax credit  is the amount of GST paid while purchasing item

and to be deducted from the amount of GST received while making sell and balance to be paid to government

taxable value  = 95000  Rs

GST = 5 %

GST = (5/100) 95000  = Rs 4750

the Input tax credit (ITC) of M/S ON Trader.   = Rs 4750

Sold them for 1,05,000.

GST = (5/100) 105000  = Rs 5250

amount of GST payable by M/S ON Trader​ = GST received - ITC

= 5250 - 4750

= 500  Rs

the amount of GST payable by M/S ON Trader​ = Rs 500

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