Mr. Puneet Chopra puzrchased LED T.v. for the taxable value of Rs.92000. He sold it for Rs 98000, the rate of GST is 12%. Find the input tax credit of Mr. Puneet Chopra. What is the amount of GST payable.
Answers
Answer:
₹720 is the amount of GST payable
Given : Mr. Puneet Chopra purchased LED television for the taxable value of Rs.92000.
He sold it for Rs.98000.
The rate of GST is 12%.
To Find : the input tax credit of Mr. Puneet Chopra?
Solution:
Mr. Puneet Chopra purchased LED television for the taxable value of Rs.92000.
Hence GST paid by Mr. Puneet Chopra while making purchase
= (12/100) 92000
= 11040 Rs
GST paid by Mr. Puneet Chopra while making purchase will be Input tax credit from Mr. Puneet Chopra
input tax credit of Mr. Puneet Chopra = Rs 11040
Additional Info :
Sold by Mr. Puneet Chopra for 98000
GST received = (12/100) 98000 = Rs 11760
GST to ba paid by Mr. Puneet Chopra to government = 11760 - 11040
= Rs 720
the amount of GST payable by Mr. Puneet Chopra = Rs 720
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