Question

Nazama is a proprietor of a firm, registered under GST. She has paid GST of ` 12,500 on purchase and collected ` 14,750 on sale. What is the amount of ITC to be claimed ? What is the amount of GST payable ?

Answer 1

Cost Price GST = 12500 rupees
SP GST========14750 rupees

amount ITC to be claimed = 14750-12500

ITC= 2250 rupees




Amount of GST payable= (CP GST + SP GST ) - ITC

(12500 +14750 )-2250
= 27250 -2250
=25000 rupees

$itc = 2250 \: \: \: gst = 25000$

Answer 2

Answer:

Step-by-step explanation:

Output tax(tax collected at the time of sale)= rs14750

Input tax (tax paid at time of purchase)= RS 12500

ITC=rs12500

GST payable =output tax -ITC

=14750 - 12500

=2250