Malik Gas Agency (ChandigarhbUnion Territory) purchased some gas cyliders for industrial use for Rs.24,500 and sold them to the local customer for Rs.26,500.Find the GST to be paid at the rate of 5% and hence the CGST and UTGST to be paid for this transation. (For Union Territories there is UTGST instead of SGST).
Answers
Answered by
6
Sol
input text by Malik Gas Agency at 5% on rupees 24500=5/100×24500=₹1225
therefore ITC for malick gas agency is ₹1225...(1)
he agency sold the cylinder to customer for rupees 26,500
Output tax by the agency is 5% of rupees 26,500
Output tax =5/100×26500=₹1325...............(2)
GST payable=Output tax -IT
=₹(1325-1225)
=₹100
CGST =1/2×GST=1/2×100= ₹50
input text by Malik Gas Agency at 5% on rupees 24500=5/100×24500=₹1225
therefore ITC for malick gas agency is ₹1225...(1)
he agency sold the cylinder to customer for rupees 26,500
Output tax by the agency is 5% of rupees 26,500
Output tax =5/100×26500=₹1325...............(2)
GST payable=Output tax -IT
=₹(1325-1225)
=₹100
CGST =1/2×GST=1/2×100= ₹50
Answered by
5
HOPE THIS WILL HELP YOU!!!
Attachments:
Similar questions