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Mr. Suhas is a retailer. He paid GST of ` 7500 at the time of purchase.
He collected GST of ` 9500 at the time of sale.
(i) Find his input tax and outpur tax
(ii) What is his Input tax credit
(iii) Find his payable GST.
(iv) Find the payable CGST and SGST.
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(1)
Input tax = 7500
output tax = 9500
(2)
Input tax credit = 7500
(3)
GST payable = Output tax - Input tax credit
= 9500 - 7500
= 2000
CGST payable= 1/2 of 2000
= 1000
SGST payable = 1/2 of 2000
= 1000
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