Question

Mr. Prasad is a retailer. He paid GST of
36,500 at the time of purchase. He
collected GST of 78,000 at the time of sale.
a) Find his input tax and output tax.
b) What is Mr. Prasad's input tax credit ?
c) Find the payable CGST and SGST.​

Answer 1

Step-by-step explanation:

As given

Mr. Prasad is a retailer. He paid GST of

36,500 at the time of purchase. He

collected GST of 78,000 at the time of sale.

Therefore,

1. Input Tax = rupees 36,500

Output Tax = rupees 78,000

2. Input Tax Credit = rupees 36, 500

3. Gst Payable = Output Tax - Input Tax

= 78,000 - 36,500

= 41,500

also Cgst = Sgst = GST payable/ 2

= 41,500/ 2

= 20,750