Question

malik gas agency purchased some gas cylinders for industrial use for 24500 and sold them to the local customers for 26500 find the GST to be paid at their rate of 5℅ and hence the CGSTand UTGST to be paid for this transaction

Answer 1

Thank you for asking this question. Here is your answer:

Input Tax = 5% of 24500

= 5/100 x 24500

Input Tax = 5 x 245

ITC = Rs. 1225

The output tax = 5% of 26500

= 5 x 265

Output tax = Rs 1325

So the GST which is payable is Output Tax  - ITC

= 1325 - 1255

= Rs. 100

CGST = Rs. 50

If there is any confusion please leave a comment below.

Answer 2

HOPE THIS WILL HELP YOU!!!